529 Plans

Sometimes also called qualified tuition programs, 529 plans take their name from a section in the IRS' Code and are administered by individual states and some private financial institutions. Their main advantage: 529 investments grow free from federal or state tax. While originally conceived as a way to save for college, 529 plan funds can now go to a wider array of programs and institutions. There are no age limits for recipients and money can be held in the plans indefinitely. If you'd like to know more about whether a 529 plan is right for you, the different rules and how to set one up, our guides and features should give you all the information you need.