Which is the BEST 529 Plan in 2023?
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- Опубліковано 21 вер 2024
- Exploring the 529 College Savings Plans for 2023. We'll overview top-performing plans, tackle misconceptions, and discuss fees. Essential viewing for parents considering education savings. Subscribe for more insights! #529Plans #CollegeSavings #EducationInvestment.
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Thanks Travis for doing the God's work. These are all the difficult questions and topics for many parents to consider and pay attention and time to. I know that for ourselves as parents, someone who was already and experienced investor for a decade prior, we were challenged with all the state options, their offerings, fees, deduction benefits, etc. And it can easily go over your head. Many of the review websites seem like paid promotions and at the end of the day you have to do your own study to find a few optimal options. And in this video you've already addressed majority of those beginner questions!
Thank you! We are starting to get our finances in order because we've got a toddler and an infant. We're thrilled to get the ball rolling on their 529s, especially since our parents saved nothing for us and we are still feeling the effects of this, we will forever. These short videos are really helpful 😊
I think the Florida plan is only available to Florida residents
@@henrywhittaker4378 I had the same experience. Put in all my info just to be told that I must be a resident to have one
i'm still 2 years out of having a baby but am looking forward to putting my babies through private pre-k and private high school and helping them with some college expenses..so looking into these plans now as I've literally never heard of them before following a stay at home mom from Oregon who saves for these every month. Thank you so much for this video!
Awesome! You can open a 529 plan in your name, fund it, and then just change the beneficiary later on too.
@@TravisSickle oh wow, had no idea, might do this!
Hey Travis.. The Florida plan says the beneficiary has to be a FL resident. We live in California. How can I do it then?
Thanks Travis. Excellent info. I currently have an NY 529k plan for my kid, will look into the Florida plan
Thank you for a very helpful video. After watching this, I was so ready to open up an account for my kids. Then I found out the child or his/her parent or legal guardian must have been a Florida resident for the past 12 months. We are CA resident. Now I have to keep looking... I am thinking either Michigan or New york plan. Any thoughts?
Ah, yes, I forgot that part and should have mentioned it. I have also used the OHIO plan, which I like over the NY plan because you can build your own portfolio. I did a video on the OHIO plan too. The same fund I'm using in the Florida plan, it's the Vanguard S&P500.
Appreciate the info but WAY too much rambling. Info could have been conveyed in 1-2 minutes if you were to the point.
thanks for the feedback.
@@TravisSickle On the contrary, I appreciated your thoroughness and WHY you didn’t like the other accounts very detailed. Thank you
Thanks for this video
Hi, thank you for the informative video. I am also a Florida resident, looking into the FL 529 savings plan for my 3 & 4 year old. In regards to the fund options percentage allocation do you recommend then putting "100%" to the U.S. Large Cap Equity Index Fund?
That’s what I’m doing for my kids. I have 529 series on my kids plans, checkout the playlists
just FYI the FL Savings Plan that was ultimately recommended in this video does require proof of state residency for the last 12 consecutive months. So while it appears a great option, not a possible choice for non-FL residents!
right, the Ohio and Utah plans both have the same S&P 500 fund...costs a little more but here is that breakdown..ua-cam.com/video/tWe2mXpAadc/v-deo.html&ab_channel=TravisSickle
How do we find out where they can go to school using those 529 funds? For example, overseas? Can you use money from the 529 at an overseas University. I'm moving to Australia and we may or may not stay there. It's hard to plan when I don't know where I'll end up settling down.
Check with the school you’re interested in.
Florida resident over here 🙋🏻♂️ We’re expecting our first child in April 2024 and I’ve been doing a bit of research preparing for our child’s college savings. My first option has been Florida 529 aka Florida Prepaid. Based on the information you shared, it seems like it may be the best option. However, I’ve heard that it can only be used towards colleges/universities in the state of Florida. This may not be true, but as a plan B I’ve also looked at Charles Schwab’s 529 Education Savings Plan. I read that it is administered by the state of Kansas. We have a Charles Schwab location/office in the city we live and I like the idea of sitting down with an advisor to discuss our goals for this Savings Plan. I read that the annual portfolio fee can range from 0.20% - 0.86%, depending on the investment you select. I’m thinking that the Florida Prepaid may be the better option either way. Please correct me if I’m wrong with Florida Prepaid college/universities restrictions. Any suggestions?
I’m not talking about the Florida prepaid plan. I use the Florida Savings plan. Same website but it’s not the same plan. I’m a financial planner in Florida that uses Schwab for our clients and still use the Florida 529 savings plan for my 5 kids.
You could also start it right now and just change the beneficiary after birth.
Wow, Travis! Thank you for the content. I live in GA and have 1 toddler and 1 on the way! My wife and I are planning for their future and I came across your channel. What are your thoughts on which state we should choose for their 529 plan?
We are in Ga also. What state was best?
Just a feedback for future content, you started vey promising but finally picked based on only one criteria i.e. lowest fees. What about performance, what about flexibility and all other factors? Also, appreciate if you can be to the point. Thanks snyway for the content.
Those are good points. I’ll have to make a video on them.
Excellent video
Thank you very much!
Hi Travis, which plan do you recommend for Texas! Thanks for the video! I am looking for the best plan where I can do college savings and I heard some 529 plans also support k12 education. Thank you for your advice.
They said you have to be a FL resident to use it.
Right. For anyone else reading…Check out the Ohio plan or Utah plans. But there are many that are just as good.
Thanks. Great video. Can I use Vanguard 529 of NV to pay for my kids college in TX?
yes, the 529 savings plans can be used at most schools. They're just state sponsored plans. Really makes no sense as to why this is the case but that's how they were setup.
CA resident here. Don't like the performance of so called age-based options. Invested in NY 529 for last three years and has been keep losing money. So happy to see your video. Just found out that I have to be a Florida resident to be able to invest in its 529. Would like to invest in index fund tracking sp 500 or nasdaq 100. Any other options for me out there? Thanks Travis!
Ohio 529 plan…I have one opened for my kids there too.
I looked into this after watching this video. Although Florida’s large-cap 529 fund (VIIIX) has only a .02% expense ratio, and is benchmarked to the S&P 500, it has not historically performed as well as for example Nevada’s 529 Vanguard 500 index at a .13% expense ratio. In fact it has significantly underperformed so far. In the last 5 years the Florida 529 fund went up 43% whereas the Nevada 529 fund went up 56%. In other words, the Nevada one much more closely mirrors the actual performance of the S&P 500 than the Florida one. Unless I’m missing something here (and please correct me if I am), that’s a pretty steep drop-off of performance in exchange for saving an extra $11 per $10k you invest.
They’re the same fund. You’re probably looking at different time frames. Common mistake.
Hi Travis, great video. I moved to North Carolina from Michigan. I have MESP 529 for my son, who is 9 years old. Since I moved to NC, I have been planning to enroll NC 529 plan and rollover funds from MESP to NC. But then I came across this video. Can you please suggest what could be the best 529 for NC residents since there are no tax benefits?
you can choose any plan or even stick with your current plan. The ones in this video are good but depends on the investments you choose.
Appreciate u r efforts i live in texas, can u suggest best 529 plan and investment option?
My family is currently looking into a 529 plan as California residents, meaning the plan with the overall best performance in the US would be our best option. This is being set up a bit late as I will be enrolling in college in around two years, what would you consider a good option? I was looking at these exact lists, but as you stated they do not tell the entire story.
July 12, 2023
Hello, what are your thoughts on the Goldman Sachs 529 plan?
I have a 529 in the future scholar South Carolina. I don’t live there and therefore I’ve never got their tax deduction. I want to roll it to another 529 outside of South Carolina. Will I need to pay SC state tax when I roll it over? Thanks!
ua-cam.com/users/shortstSjaRIHSIik?feature=share
What about the tax deduction? You need to choose the plan in the state you are living in, so that you can deduct at least $4000 on your tax return.
I don’t think Florida ends up on any of the list because it only applies to Florida residents. The rest of the plans are nation wide
Thank you so much Travis for making these videos. Between Utah, Michigan & Ohio 529 plans what do you recommend?
I think you gotta pay for that answer 😂
@@General8675 I actually did respond with a youtube short but my account has been glitchy for a few weeks. UA-cam is looking into it. Here is the link to that short. ua-cam.com/users/shorts1Y-bI-e7c8k
@@TravisSickle That small creator personal service... Never Change!
I wish UA-cam would fix this glitch already.
Thank you Travis!
MA resident here. I've been putting money into Vanguard 529 for my 2 kids and am wondering if moving them over to Mass 529 (managed by Fidelity) is a good idea. MA residents get up to 2k in state tax deduction for contributions if I move money to Fidelity, but I wonder which offers better return overall. Thoughts?
Rollovers are not the same as contributions.
@@TravisSickle Oh sorry, I know that. What I meant is that, is Fidelity 529 better in terms of portfolio and overall return (fee considered), or are they about the same in terms of performance?
I would save up to the $2k myself to get the deduction and then use another plan over that amount.
@@TravisSickle good idea! I didn't think of that! Thanks!
It seems like you have to be a Florida Resident to sign up for this. I'm trying to do this now for my son. I'm on hold and will confirm when I hear back.
That is true. In that case, checkout the Ohio plan or your own state if you have an income tax deduction for it.
@@TravisSickle Thank you
For vanguard, after the initial $3000, can you put a different amount there on? Or are you requiredto put $3000 every monthm TIA
different amounts.
Thanks for the info. I earn too much so i have to pay all college expenses out of pocket. I live in NY. Can i deposit 10K towards a 529 for the same year i pay tuition. I know that it won't grow but at least i can get a 10K deduction on taxes the following year.
thanks for the great video and very useful insight about this topic. I tried to set up a Florida 529 savings account for my toddler but it requires proof of Florida residency and I was under the impression that you do not have to be a resident of any particular state to create an account in that state. Would love to hear your thoughts on this and how I can get this set up. Thanks.
This is what I found on the FAQs
A Florida 529 Savings Plan can be opened by any individual 18 years of age or older that is a U.S. citizen or legal U.S. resident with a valid Social Security number.
@@karthikmohan1 The FAQ right under that says The child or his/her parent or legal guardian must have been a Florida resident for the past 12 months.
Ohio or Utah works well too. Same s&p500 fund in both. The Utah plan changed and now allows any amount in a single fund. It’s a fee basis points more but still good.
Hi Travis, thank you for this informative video. My hubby and I will be looking into starting a 529 plan for our boys ages 14 and 11. We are in TX so we don't qualify for the FL 529 plan. For the 14 year old, would you still recommend starting a 529 for him seeing that he will be going into high school August 2023? If you were in our shoes would you still consider it or would you go the route of saving in a high yield savings account/other non-529 account?
August 1, 2023
@@TravisSickle 👋 can I get your advise about the best way to save for my little one and college?
Hello Travis..thank you so much for the video. I am a NY resident..would you recommend I stick with the NY state plan or spread funds across NY amd Florida. Are you able to recommen which portfolio is best for kids under 5 from NY 529 offerings
NY is a good plan. You must have a connection to use the FL plan. Live there or beneficiary in FL.
What if I plan on moving to Florida in the next 3 to 4 years? Can I still apply for the Florida 529 plan?
Thank you so much for this. I been looking to have control on investment and to direct fund at sp500 at low fees. I almost went with Merrill until I happened on your video. Thanks a lot sir!
Glad it was helpful!
Hello Travis, I live in NY and about to have my first baby this august. Which 529 plan is better for me, NY or Ohio?
August 3, 2023
How about Virginia 529 plan ? They have option of VSMPX (equivalent of VTI) index fund to invest plus they have $4000 state tax deduction. Thanks
what do you think about the UNIQUE College Investing Plan from Fidelity?
Hi Travis
I opened a vanguard 529 for my 4yr old today. I got my check book out and realized the min of 3k. I’m now looking at the Florida 529. Can my child have two 529s one with zero and the other one actively saving? Thanks!
Yes, I personally have 3 529 plans for each of my kids. Florida, Ohio, and Utah. No benefit to doing this but I do have 3. No limits to the amount of accounts you can have
I’m in NY and have the NY 529 plan. The funds have a 12 basis point fee higher than Florida. Does my state income tax savings outweigh the fees?
Do you have content on what allocations you recommend at different ages of the child? I’m just starting out and NY doesn’t have a straight up S&P 500 fund.
If it were me, I would choose individual portfolio with 50% in the growth and 50% in value fund. Closest thing to sp500 fund.
@@TravisSickle Great, thank you! I hadn't thought of that.
Great video! Thanks!
Glad you liked it!
Hello, We currently reside in NJ and NJ has a $10,000 tax benefit and we under the 200k income limit, do you think its best to stick with the NJ Best 529 plan or should we open a Utah plan?
I would look at the benefits first, which usually make sense to use the 529 plan that gives you a state tax deduction. But you could also open as many 529 plans as you want.
I’ve hit a fork in the road while setting up my bright start 529 Illinois plan… should my investment election be age-based (index aggressive, moderate, or conservative) or review all bright start portfolios (incl. indexes and multi-firm portfolios). Any direction would be greatly appreciated!
Recent video on this…check it out
Last video posted will answer this
Newly discovered your channel and this was first video I watched - latest vid is just what I needed thank you so much!
Can I use another states 529 plan and receive my states tax deduction benefit?
I am in North Carolina and expecting a baby. NC doesn’t have state deduction. Can i still buy other state plans and when i use that fund for my kid college will i have to pay state tax on the growth. Any suggestions on plan for me ?
You can use any 529 plan that allows you to set one up. Become a channel member, I have hundreds more videos on this and other topics for members only.
So if you're willing to put in $3k to start, any reason not to start with Vanguard?
check the fees.
I want to open one for my kids , I live in NYC . Should I open one here is it worth ?
I would. NY has the State income tax deduction depending on your income.
I am in North Carolina and expecting a baby. NC doesn’t have state deduction. Can i still buy other state plans and when i use that fund for my kid college will i have to pay state tax on the growth. Any suggestions on plan for me ?
July 16, 2023
@TravisSickle thanks for the NC tips. OH and UT are going to the top of my research pile.
Can you review the invesco plan that let’s you invest in QQQ?
I don't think that fund is in there. Something similar, but not that ticker. drop a link.
Let me know if you see it. I'll look into if you can find it.
Hey Travis, for the Florida 529 plans, which one makes the most sense to you- the savings plan or the prepaid plan?
For me, savings plan. But that may not be the same for all.
Hello. i live in PA , but i’m using NY 529 plan instead. Is this wise or would you suggest to move the money into PA 529? We picked NY 529 because of better rating and low fees.
ua-cam.com/users/shortsRNWabA0qExQ?feature=share
if you have the 3k to start with vanguard...any other reason why not use them?
Oddly, it costs more compared to some other plans that also use Vanguard.
Thank You...im a CA Resident but i will be moving to Florida in the next 2-3 years. For now, i will start with Ohio Plan. @@TravisSickle
Hey I have a few questions, got time for a chat?
ask away
@@TravisSickle I have a Utah my259 plan for the last 2 years. I live in Utah... I have a 9 and 10 year old and they are unrolled into the 2031/32 target plan. I was thinking of changing it to aged base plan but do not understand how to do it or what percentage to invest into. What do you recommend.?
Hi Travis, thank you for this video. I'm in Massachusetts where there is a state tax deduction of $1000 (single) which is not great compared to other states. I'm watching your videos and I've heard great things about other state plans, such as Ohio & Illinois. Is it better to open a 529 with my own state to take advantage of the state tax deduction or forego it and open a 529 plan with another state like Ohio & illinois?
July 7, 2023
You said nothing while talking for an hour
Sorry, what can I help you with?