Jordan Lee is the CEO and co-founder of CollegeBacker, a startup that helps people start 529 college savings plans. In this episode, learn what a 529 plan is, why it’s so important and how to get started.
In today’s episode, you'll find out:
- What led Jordan to co-founding CollegeBacker
- How a 529 plan works
- The impact of saving when your child is young
- What counts as a qualified expense for a 529
- Tax benefits of a 529
- What’s a good annual contribution
- Should a 529 be priority over retirement savings?
- What superfunding is
- How to calculate what to save in a 529
- How friends and family can contribute to your child’s 529
- Which states provide income tax benefits with 529 plans
- What happens if your child decides not to attend college
- Differences between adviser-sold and direct-sold plans
- How you might choose where to house a 529 plan
- How prepaid tuition plans work
- Can you save too much to a 529?
- Why every parent should contribute a 529 plan
Full show notes at https://studentloanplanner.com/33