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Well Balanced | Financial Planning, Bucket-Based Investing, Market Perspective, Wealth Management. A passionate and entertaining look at money and investing in and for retirement. For those that enjoy podcasts like Smart Money, On Investing, and BiggerPockets, Well Balanced is worth adding to your feed. Disclosures about our firm and this podcast. Vector Wealth Management is registered as an investment adviser with the Securities Exchange Commission (SEC). Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Vector’s current written disclosure brochure filed with the SEC discusses among other things, Vector’s business practices, services, and fees, and is available through the SEC’s website at: www.adviserinfo.sec.gov. All content in this podcast is for information purposes. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Visit vectorwealth.com/regulatory for the firms form CRS and ADV.
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Wednesday May 29, 2024
Wednesday May 29, 2024
Did you know that May 29th is 529 Day? This quirky, not-quite-a-holiday day is a great opportunity to learn about planning for your family's future education needs while enjoying some light-hearted fun. Listen or watch our latest podcast episode to find out how 529s, and other savings accounts, can help you save smartly for education expenses.
In this podcast, dated 5/29, Chris Wagner, a wealth advisor at Vector, discusses financial planning to help you maximize your college savings potential. He emphasizes the importance of starting early to benefit from compound growth and discusses contribution limits and the tax implications of various approaches.
Key Features of a 529 Plan:
- Tax Benefits: Contributions are made with after-tax dollars, but investments grow tax-free, and withdrawals for qualified education expenses are also tax-free.
- Qualified Expenses: Funds can be used for a range of education expenses, including tuition, fees, books, and room and board at eligible colleges, universities, and vocational schools. Recent changes also allow for up to $10,000 per year to be used for K-12 tuition.
- Flexibility: You can open a 529 plan from any state, not just your own, and use the funds at any eligible institution nationwide.
- Contribution Limits: While there are no annual contribution limits, contributions are subject to federal gift tax rules. In 2024, you can contribute up to $18,000 per beneficiary without triggering gift taxes.
- Under recent tax law changes, unused dollars in a college 529 account can be rolled over to a Roth IRA for the same beneficiary. There are a few stipulations; be sure to consult with a qualified financial advisor before making changes.
Time & Chapters
00:00 … Wealth Advisor Chris Wagner
00:52 … What is a 529 Plan?
02:35 … How to contribute to a 529
05:45 … Setting College Savings Goals
09:55 … Taxes & Converting 529 to Roth IRA
17:15 … Potential state tax deductions
19:44 … Alternatives to 529 Plans: UTMA Accounts
23:22 … Savings & Gifting Strategies
26:33 … Closing Remarks and Regulatory
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To learn more about optimizing your college savings strategy, connect with the Vector team for personalized advice.
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vectorwealth.com/regulatory
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