You should know about 529 plans
The key points of 529 plans
- Americans have close to $400 billion in 529 college savings plans, but Covid-19 has caused parents to hit the pause on contributions; some are withdrawing funds.
- Experts say financial anxiety and distress are disrupting the two keys in saving for college: starting early and staying invested.
- Families should be saving $250 a month for in-state public college, $450 a month for an out-of-state public college and $550 a month for a private college