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New York in Top 5 States for 529 Plans

Posted on: August 1st, 2013
NY college savingsInvestment News recently ranked all fifty states with respect to 529 College Savings Program performances. New York ranks fourth in the nation with the best performing 529 plans.
 
Just six months ago, CNN Money encouraged readers to “shop nationally” for a high-performing 529 plan and included New York in their top five plans in the country. New York’s 529 College Savings Program received high scores from several educational funding sources, and has a reputation for allowing relatives to contribute via shopping rebate credits.
 
When you are ready to start a 529 plan, review your options with a Certified Financial Planner. Financial planners will be able to advise you if 529 plans available in your state have income tax credits, deductions, or other benefits that may make it more attractive for you to choose an in-state plan. 
 
Selecting a 529 plan based on a state is not the only factor to base your choice. 529 plans come in different formats, such as pre-paid and investment. There may be restrictions for the types of schools 529 funds may be used. A financial planner can review the options so that when your child or grandchild decides to enroll in a private university they don’t unpleasantly discover their 529 plan only covers expenses at public schools.
 
When you are ready to start a 529 savings plan in New York or another state, schedule a consultation with a financial planner first. There may be other investment strategies that will provide better benefits or that may complement funds that grow in a 529 plan. With so many adult Americans spending money on care for their aging parents and trying to save for their children’s college education at the same time, the right 529 plan could help offset a burden of costs.
 
Also check with your estate planning attorney, as there are many tax and asset protection considerations that go along with investing in 529 plans.
 
According to Investment News: South Dakota, California, and Michigan all beat New York, and the District of Columbia came in fifth.
 
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