009  The 411 on the 529 Plan

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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

 

Key Takeaways:

  • 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:

Website: www.newdaysolutions.com

Email: tammy@newdailysolutions.com

Phone: 800-834-2101

 

Connect with KT Thomas: http://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.

About the author, Kathleen

Kathleen Thomas, who often goes by KT, has over 25 years of experience in the financial services industry and understands the need for women to take control of their financial lives.

A Certified Investment Management Analyst, Chartered Life Underwriter, and Certified Financial Planner™ practitioner, Thomas earned her degrees in Finance and Political Science from Salem College.

Prior to founding NewDay Solutions, an independent Registered Advisor Firm, Thomas spent 20 years as a private wealth advisor for Ameriprise Financial Services. Many of her earliest clients continue to work with her.

Thomas is an avid long-distance runner and triathlon participant. She has completed the Boston Marathon seven times and the Ironman Distance Triathlon three times. She has volunteered as coach and mentor for Girls on the Run New Hampshire and Team in Training.

Raised in Newton, Massachusetts, Thomas now lives in Seabrook, New Hampshire, with her husband, John. They have one daughter.

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