What plan do you have? How did you pick your plan?
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We use our states plan as recommended by our financial advisor. Might move to Utah’s plan eventually but I think they have a $3000 minimum
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I followed Clark Howard’s advice, here: http://clark.com/education/clarks-529-plan-guide/
He basically guides you on whether your state plan is really beneficial or whether and if not, makes suggestions of his other favorite plans across the US. After looking at that we decided not to go with our state’s plan (WI) and to put our money in Utah’s instead.
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There’s no tax benefit to us for having an in-state plan, and ours frankly isn’t very good (high fees and I’m not a big fan of the plan administrator or investment options). I wanted a plan administered by Vanguard and chose the NY plan because that was where I grew up/most of my family still lives. I figured family is more likely to put money in it if it’s familiar to them. The fees are low and I’ve been happy with it so far.
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I first looked at my state's plan along with my company's recommended plan (company is based in New York). I didn't feel like there was any particular benefit to New York's plan for me, though my company provided a lot of great webinars and tools for it. Ohio's plan is pretty good--low minimum, decent options, user-friendly website, and a state tax benefit for us. All of our 529's have been doing well, so I'm pleased with Ohio's 529.
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We just put ours into our state's plan because that's what other people in my state and I've heard good things about it. According to the link @BadgerMom: posted, it's one of the best in the country, so that made me feel pretty confident in our choice.
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Thanks, I have a better idea of what to do! My state’s plan is on the naughty list, @BadgerMom: so I’ll just do some research to find a plan that works for me.
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We are in Nevada's plan. We do not live in Nevada. My DH works in finance and did the research and felt that was best.
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@psw27: same. Nevada
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We have the NY plan, because it's well-rated and has low fees. Our state plan is also rated terribly, so the choice was easy. And in the low event we ever move to the NY side of the tri-state area, we'll get a tax break for having a NY plan (on state taxes).
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We're not in Utah but we have the Utah plan. My husband did a fair amount of research when we opened it up six years ago.
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We also just researched on the internet and ended up with Utah. There are no tax benefits in our state.
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11 comments