Reply to How many here do not have a 529 savings account, on purpose?

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[quote=Anonymous]Thank you- I will discuss these with DH. Neither of us are in finance- our financial advisors were not pushing for 529s.

[quote=Anonymous][quote=Anonymous]This is for people who are educated about 529 accounts and can afford to set aside cash but have weighed the pros and cons, and decided not to set it up. If you are one of those- what were your reasons?

My DH and I have had this conversation so many times and he firmly believes that we can grow our money better elsewhere and not have to deal with the hassle- especially since we may have to move to different states for our job.

Thank you for the insights.[/quote]

I did the opposite after researching it, and I think we made the right decision.  For context, I work professionally in finance, and I was also weighing the pros/cons.  We also have a Goldman Sachs financial advisor, and he recommended the 529 from the jump.  I was the hesitant one.

The biggest pros are:

1. Account earnings grow tax free per federal tax law
2. Earnings are now able to used for non-educational expenses (with some limits)
3. Most good plans offer a variety of investment options that are similar to a 401K
4. You can use them regardless of your home state, though some states also give residents additional state tax benefits

If you all change your mind, look into the Utah 529.  It is one of the most well regarded ones, and you don’t have to live in Utah to participate.[/quote][/quote]

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