Reach Me Here: KT Thomas
In this episode, KT and Tammy discuss:
- Misinformation about 529 plans
- Who’s best suited for a 529 plan?
- The downsides to doing this plan
- What Tammy recommends
- You don’t pay on the interest earned
- As long as you use it for college, it’s completely tax free
- If you don’t use the funds for education, there’s a 10% penalty (which is completely taxable)
- Ask yourself, “what are your long term financial goals?” Does a 529 plan fit those needs?
“529 Plans are great vehicles for people to save for their child’s education, their grandchild’s or even their own.” – Tammy Simmons, CFP
Connect with Tammy Simmons, CFP:
Connect with KT Thomas: https://ktsmoneymatters.com/
Purchase KT’s book- The Hardworking Woman’s Guide to Money
Show Notes by Show Producer: Anna Nygren
Audio production by Turnkey Podcast Productions. You’re the expert. Let us help you prove it.