Unlocking the Benefits of 529 Plans: Strategies for Educational Savings

Dear Money Mastery Unleashed Listeners,

Welcome to another episode of the Money Mastery Unleashed podcast! If you're on a journey to create generational wealth, increase your net worth, and build your best financial life, you're in the right place. I'm your host, Adam Olson, and I'm thrilled to have you join me today as we delve into the benefits and strategies of 529 plans for educational savings.

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Episode Highlights: Unlocking the Benefits of 529 Plans

In this episode, we explore:

• What is a 529 Plan? Understanding the basics and recent changes making them more attractive.
• Qualified Expenses: What can and cannot be covered using a 529 plan.
• Tax Benefits: State-specific deductions and credits, and the tax-free growth and distributions.
• Strategies: Utilizing 529 plans for K-12 expenses, student loans, and even rolling over to a Roth IRA.
• Investment Options: Age-based portfolios and individual investments to suit your risk tolerance and time horizon.
• Estate Planning: Benefits of large contributions by grandparents and reducing taxable estates.

Weekly Challenge: Plan Your Child’s Educational Savings

This week, we challenge you to take the first steps toward securing your child’s educational future:

1. Research Your State’s 529 Plan: Understand the specific tax benefits and rules applicable in your state.
2. Set a Savings Goal: Determine how much you want to contribute monthly and calculate the potential growth over time.
3. Discuss with Family: Consider involving grandparents and other family members in contributing to the plan.
4. Explore Investment Options: Choose an age-based portfolio or individual investments that align with your goals and risk tolerance.

Action Steps:

• Start a 529 Plan: If you haven't already, set up a 529 plan for your child or grandchild.
• Consult a Professional: Reach out to a financial advisor or CPA to optimize your plan according to state-specific rules.
• Monitor and Adjust: Regularly review your 529 plan’s performance and make necessary adjustments to stay on track.

Connect with Us:

If you have questions or need assistance setting up a 529 plan, I'm here to help. Visit my website at AdamOlson.biz.

Remember, sharing knowledge is key to empowerment. If you found this episode helpful, please share it with someone who might benefit from understanding 529 plans.

Disclaimer: This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. It is not to be construed as legal or tax advice. Please consult with your appropriate professional regarding your personal situation prior to making any financial decisions.

Thank you for listening and happy saving!

Warm regards,

Adam Olson

Certified Financial Advisor Host of Money Mastery Unleashed PodcastIn this episode of the Money Mastery Unleashed podcast, host and certified financial advisor Adam Olson dives into the advantages and strategies associated with 529 plans, essential tools for educational savings. Adam begins by explaining the basics of 529 plans, emphasizing their flexibility and the tax benefits they offer. Listeners will learn about state-specific rules, tax deductions, and how contributions to these plans grow tax-free. Adam highlights the various qualified expenses covered by 529 plans, including tuition, room and board, and even some K-12 expenses. He also discusses recent changes allowing for $10,000 to be used for student loan repayments and the ability to roll over leftover funds into a Roth IRA. Adam offers practical advice on determining savings goals based on individual needs, the importance of selecting appropriate investment strategies, and the benefits of having grandparents contribute to these accounts. He discusses the importance of understanding financial aid implications and the expansive uses of 529 plans for vocational training and trade schools. Tune in to gain comprehensive insights into maximizing the benefits of 529 plans for your child's future education.

"529 plans offer state tax deductions or credits, tax-deferred growth, and tax-free withdrawals for qualified expenses."?

What you will learn:

• Understanding 529 Plans
• Tax Benefits and Qualified Expenses
• Savings Goals and Planning
• Alternative Uses and Recent Changes

Learn more about Adam Olson by visiting the following links:

Facebook

Personal Website

Business Website

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Investing involves risk, including loss of principal.??

?Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.? Any strategies discussed may not be suitable for everyone.?

Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.? Adam Olson, Representative.? Mutual of Omaha Investor Services is not affiliated with any entity listed herein.?

This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product.

Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.? Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.#MoneyMasteryUnleashed #GenerationalWealth #FinancialFreedom #529Plans #EducationSavings #TaxBenefits #FinancialAdvisor #CollegeSavings #WealthBuilding #FinancialStrategies #TaxFreeGrowth #StudentLoans #RothIRA #InvestmentPlanning #FuturePlanning #FamilyWealth #FinancialEducation #SavingForCollege #SmartInvesting #WealthManagement