The rules for 529 plans are changing, and financial professionals need to be prepared now to help their clients take advantage when these changes take effect. Starting in 2024, 529 account owners will have the option to use excess 529 plan funds to jumpstart the retirement of their beneficiaries.
Experts say the new rules are giving parents and grandparents more confidence when opening and funding a 529 plan. With these developments, if a student decides to pursue a less expensive educational path, the funds will still be earmarked for their future, but in a different way. The new 529 plan rules give families and others more flexibility with their assets and give their beneficiaries the opportunity to start saving for retirement early.
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