Best 529 Plans | How to compare 529 Plan Costs

Поділитися
Вставка
  • Опубліковано 24 гру 2024
  • In this video I'm talking about how to compare 529 plan costs. I compare plans and costs to help you figure out which plans to choose. It's especially helpful to review your state 529 plan if you have a tax deduction. While the benefits of the tax deduction are a good incentive to save into your state 529 plan it may not be the best every time.
    /////////////////////////////////////////////////
    Get answers FASTER...
    Join this channel to get access to perks:
    / @travissickle
    Chat on discord:
    Join Link / discord
    Support on Patreon:
    / travissickle
    Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
    -----------------------------------------------------
    Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE bit.ly/2Fo21Ry
    Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
    TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
    CERTIFIED FINANCIAL PLANNER™
    Company Website: www.sicklehunt...
    twitter: @travissickle
    Instagram: / travistsickle
    facebook: / sicklehunterfa
    LinkedIn: / travissickle
    Sickle Hunter Financial Advisors
    1646 W Snow Ave.
    Suite 144
    Tampa, FL 33606
    -------------------------------------------------------
    Gear Used in Videos bit.ly/3bUPvXP
    Partnership referral links
    Aura Identity Theft Protection Up to 50% off HTTPS://www.aura.com/t...
    Bitcoin IRA bitcoinira.pxf...
    bit.ly/3OPpmjZ
    All Amazon links are affiliate links
    ____________________________________________________________________________
    Information in this video is for educational and entertainment purposes only.
    sicklehunter.com/disclosures
    ____________________________________________________________________________
    #travissickle

КОМЕНТАРІ • 45

  • @LiveandLaugh765
    @LiveandLaugh765 2 роки тому +2

    This was a very helpful video. Very insightful. Thank you!

  • @dcarsondavis
    @dcarsondavis 4 роки тому +6

    Any chance you'd share out that spreadsheet?

  • @kishoregolla09
    @kishoregolla09 4 роки тому +3

    Great video’s. I live in Florida looking for best performing 529 savings plan for 3 year old can you suggest any?

  • @404TRUCKERTV
    @404TRUCKERTV 2 роки тому

    Nerd out on this, love it!

  • @siobhanapodaca3827
    @siobhanapodaca3827 4 роки тому

    Thank you so much! I have been looking for this kind of information for a while.

  • @Beadyboyworld
    @Beadyboyworld 3 роки тому +3

    NY vs Ohio vs Nevada vs Utah vs Illinois - like to see a comparison between these

    • @mattmoraes1841
      @mattmoraes1841 Рік тому

      Yes which is best return low cost 529 plan in 2023 I got 17 years to go

  • @lockmenorah8643
    @lockmenorah8643 Рік тому

    How do you also find the end balance taking in account of the rate of return? What is the math behind?

    • @TravisSickle
      @TravisSickle  Рік тому

      Ask questions on our discord chat: Join Link discord.gg/enuJThjHJ9

  • @gracierenn1929
    @gracierenn1929 2 роки тому

    HI Travis our daughter is in her freshman year at a private school. We've saved for the last 18yrs in Pennsylvania which has an allowable reciprocating 3.07% deduction for up to $15,000 annual contribution. We continue to save to PA TAP529 GSP and I can look up the expenses and rate of return for Pennsylvania plan but we think we should stop contributing by the beginning of her junior year so the $ is eligible for withdrawal. I'm having a hard time figuring out if we should transfer the $ to another states plan and invest in the other states plan

  • @amandareyes6801
    @amandareyes6801 3 роки тому

    Hi Travis. I took the information you gave in this video and tried to apply it to the 2 different options offered by Utah and Ohio .
    I found the fees. I’m just having trouble figuring out the performance. I was looking for a chart that would show the performance over 5 years, so that I could compare consistency but I am only able to find the graph that shows 1 year. Is the 5 yr average annualized return what I should be comparing, I’m afraid that it’s not taking into account fluctuations.
    Tyia 🙂🙂

  • @evelyndelacruz6965
    @evelyndelacruz6965 Рік тому

    Hi Travis I’m from California and I am looking at NY, OH, and Utah for comparison. I am getting a 529 for a grandchild who is only 7 months old. So the 529 I want will be a long term (18 years). Which 529 plan should I choose? I am looking at both performance and time TY!

    • @TravisSickle
      @TravisSickle  Рік тому

      any one of those plans are good. don't over think it.

  • @amandareyes6801
    @amandareyes6801 3 роки тому

    Hello. How can I compare performance of 2 different options, including volatility? Should I just be looking at the 5 year average ?

  • @jotaylor5624
    @jotaylor5624 2 роки тому

    I want to get the best 529 savings plan for my Grandchildren. We live in Tx with no state income tax. One child will start college in 2024, one in 7yrs and one in 8 yrs. I want their parents to oversee the accounts.
    Thanks for any help,
    Jo Taylor

    • @TravisSickle
      @TravisSickle  2 роки тому

      Plenty of options. Utah and NY are good. I use Utah for my kids. A coverdell has the most flexible investment options.

  • @kerryaflynn
    @kerryaflynn 4 роки тому +1

    Thanks for the info. I am in CA where there is no state tax incentive. I am looking at NY or OH. Our twins are 2 so we would be putting in money for the next 16 years. Which one is best?

    • @angxlthegoat
      @angxlthegoat 3 роки тому

      Have you figured out which one to go with?

  • @louisianaguy
    @louisianaguy 3 роки тому

    Thinking of Louisiana

  • @Majatecks
    @Majatecks 3 роки тому

    Do you recommend a 529 plan for someone who has saved up for college and it's going back to school in a year or so at age 30?

  • @izik6894
    @izik6894 3 роки тому

    Thank you! I currently have it with chase. Would you suggest moving from jp morgan to a state plan?

    • @TravisSickle
      @TravisSickle  3 роки тому

      529 plans are state sponsored -- so from a state tax deduction standpoint, it depends on which state you live in and which plan they use. I don't know which state Chase uses to run their plan through. It's likely that you would be better off with another plan -- but that's without knowing the exact details. Almost every brokerage firm or bank that I've seen "sell" a 529 plan is more expensive with poor choices. That being said, half the battle is just saving and unless there was a bigger benefit to move then just keep doing what you're doing.

  • @sassafrasfarm2821
    @sassafrasfarm2821 4 роки тому

    This is why I have such a hard time when choose a plan. To many variables to look at. There are so many too. Can you review my states (SC) 529 plan.

    • @TravisSickle
      @TravisSickle  4 роки тому

      Sassafras Farms I agree, it’s not simple. I’ll see if I can check it out

  • @ankushkaul5092
    @ankushkaul5092 3 роки тому +1

    Won't the $500 tax savings apply every year? 🤔

    • @TravisSickle
      @TravisSickle  3 роки тому

      No, only the year of contribution. Now if you contributed more every year yes. The math is the same.

    • @lockmenorah8643
      @lockmenorah8643 Рік тому

      If the years in plan is 18, why the fee will not be $10,000*0.17%*18 = $306 but it is $697.32?

  • @np14832
    @np14832 4 роки тому

    Excellent!!

  • @lockmenorah8643
    @lockmenorah8643 Рік тому

    If the plan is 18 year, why the fee is not 10,000*0.17%*18 = 306 but it is actually 697.32?

    • @TravisSickle
      @TravisSickle  Рік тому

      join the chat, sent link in last comment.

  • @JonDeLeon
    @JonDeLeon 3 роки тому

    Very simple....just do a video what state is best that you live in that state and the best plan if you don’t live in that state.....

  • @rodneybean2455
    @rodneybean2455 4 роки тому

    Interesting information. But the Rate of Return is always in flux. How are you suppose to decide with that as a variable in the calculation?

    • @TravisSickle
      @TravisSickle  4 роки тому

      Decide what?

    • @kzachmann1
      @kzachmann1 3 роки тому

      @@TravisSickle I think he wants you to advise him to look at the 5-year or 10-year performance for the plan he selects to inform his choice. He also needs to know that as the world changes the performance of funds changes. Most brokerage firms offer target termination accounts which change their risk factor the closer you get to the year you need to cash in the account. I think I would advise him as I suggested but I am just a self-taught investor and not a trained financial advisor. If he lives in a high-tax state like Maryland he should definitely set up an account but the max tax deduction is only $2,500/year. That said he should just do the max each year. I believe he can actually partition the payout to several different kids depending on the financial assistance each gets since the 529 does not factor into their financial need application. So if one child gets a scholarship and another has to pay the full cost you can allocate more to the child who must pay the full ride.
      The video was well done and it does trigger the kind of questions every responsible parent should ask. To be fair, the government should reevaluate the true cost of raising a child and make suitable adjustments for the middle class who pay all their bills on time and don't get income-qualified deductions. I worked three jobs to make sure my kids would not graduate with debt. As a result, I was not allowed to deduct $2,500 per student in college costs as that was income-qualified and I live in a high tax state. True, we may make more money but our property taxes are sky-high and the costs for basics like food and transportation and even programming for the kids eat up all of that income.
      I am not a believer in debt as my father survived the Great Depression and to his credit taught me how to sacrifice and forgo material pleasures to protect my family. I would love to see the world actually reward my approach but our economy is predicated and dependent upon people buying nonessential things on credit. The reward you get from doing difficult things is basically affirmation. Remember the words of JFK when he empowered a generation to reach beyond what we thought was possible when he said in " We endeavor to go to the moon and return not because it is easy, but because it is hard." Kennedy knew we cannot besow affirmation on people with a magic wand, it comes as a result of us attempting something we perceive as difficult. What I would give to have a politician stir us to once again aspire to go beyond what we see as possible. Maybe Pete will distinguish himself as Sectary of Transportation and build a following. We need a young man who knows how to deal with discrimination and to navigate a following to the most elusive middle ground.
      Again, thanks for posting this informative and thought-provoking video. You must view the comments as affirming.

  • @roshangeorge4679
    @roshangeorge4679 4 роки тому +1

    Hey Travis, I live in Texas but I am not interested in my state's plan. May I get some help comparing between Illinois (BrightStart), Nevada (Vanguard 529), and Ohio (CollegeAdvantage)? I have chosen these three because of their relatively low costs and historical performance. I am not planning on an age based portfolio, and instead will opt for the most aggressive/Growth Index option offered by each state. I plan to save for about 10 years.

    • @s1228t
      @s1228t 4 роки тому

      Hi. Can u please inform me which one did u end up chosing? And what plan ?

    • @ajh6918
      @ajh6918 4 роки тому

      Yes, i live in Texas too and I am interested on what plan you ended up choosing

    • @babikerali6645
      @babikerali6645 4 роки тому

      Is vanguard 529 agood option?
      I live in Texas too
      Have kids 13, 10, 7

    • @TravisSickle
      @TravisSickle  4 роки тому

      It’s fine, it matters more which funds you choose. Vanguard is in lots of 529 plans.

    • @coolprithvi13
      @coolprithvi13 4 роки тому +1

      Hi Roshan! Can you please let know which college plan you ended up choosing?

  • @thewstin
    @thewstin 4 роки тому +1

    New York vs Ohio over 13-15 years

    • @TravisSickle
      @TravisSickle  4 роки тому

      Funds that you want me to compare?

    • @thewstin
      @thewstin 4 роки тому

      @@TravisSickle
      Ohio - Ready-Made Age Based: Vanguard Aggressive Age-Based Portfolio (age 4)
      New York: Aggressive age-based (age 4)
      We are very much the set it and forget type. Also, would we be better off choosing an Vanguard Index fund instead?
      Thanks!