What are the 3 biggest 529 plan myths? (Script)

Question

What are the 3 biggest 529 plan myths? Watch video.

Answer

3 Biggest 529 Plan Myths
Myth #1
If you don’t go to college you’ll lose all your 529 plan money
Reality:
You can use the funds to pay for other post-secondary education, a sibling or future grandchild’s college, or take a non-qualified withdrawal and pay income tax and a 10% penalty on the earnings portion only.

Myth #2
I have to use my home state’s plan
Reality:
You can use almost any state’s plan – no matter where you live.
Myth #3
I’m too rich (or too poor) for a 529 plan.
Reality:
You can start a 529 plan with a little as $25 and there are no income limits. So start saving today!