Best 529 college savings plan in Pennsylvania
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: I want to start a college savings account for our children but we have limited funds but could probably put in about $50 per month. We live in Pennsylvania and the children will probably attend state schools here in our state. Which 529 college saving plan is the best deal?
A: Pennsylvania is one of the best states for a lower income family to start a college savings plan. The state matches you contribution dollar-for-dollar up to $2000 over two years. There is a catch in that the best account manager, Vanguard Funds, has a $3500 minimum but you could move to that fund manager after your account grows to that amount with another plan. You might want to start with a regular trust account until you build up enough to stat the 529 account. Pennsylvania allows residents to make contributions in any state 529 plan so many options are available. Contributions can be mad directly or with an adviser's help. OnlineAdviser sets up 529 or UTMA accounts with all account managers including Vanguard.
Summary
More resources:
www.wealthmanagement.us.com