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Taxes or Tuition? 529 Plans
Manage episode 363058781 series 3468502
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Brian and Jeff discuss the potential risks and challenges associated with prepaid college plans, including calculation errors and changes in interest rates. They also discuss the Maryland 529 Plan and prepaid college tuition, highlighting the option to use up to $10,000 from a 529 plan to pay off student loans. The speakers emphasize the importance of careful planning and understanding the rules of these plans to make informed decisions about college savings and financial aid. They also discuss the benefits of 529 college savings plans, including tax deductions, tax-free growth, and qualified expenses. Additionally, they emphasize the importance of early planning and strategic savings for college education, and prioritizing debt repayment, saving for unexpected expenses, and investing in education for loved ones in retirement planning.
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