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The Clark Howard Podcast
11.26.24 BEST OF: Saving For College: 529 Plan Update / Upside Down Car Loans
Nov 26, 2024
This podcast dives into the intricacies of 529 plans, revealing strategies for maximizing college savings and new regulations favoring grandparents. It also addresses the mounting issue of underwater car loans as vehicle values decline. Listeners can learn about gap insurance, financial recovery from repossession, and practical tips for navigating the current car market. Plus, there are insights on retirement investment strategies that emphasize protection and growth.
31:36
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Quick takeaways
- Recent updates to 529 college savings plans now allow easier contributions from grandparents without affecting financial aid eligibility for grandchildren's education.
- The recent drop in car values has led many owners to face underwater loans, increasing the necessity for gap insurance to cover potential losses.
Deep dives
New Insights on 529 College Savings Plans
Recent changes to 529 college savings plans provide a more accessible way for grandparents to contribute towards their grandchildren's education without negatively impacting financial aid eligibility. These plans allow families to save for college expenses tax-free, and now funds can be converted into a Roth IRA if the child does not pursue college. It's essential to choose the right 529 plan as some come with high fees and commissions, which can diminish savings. A well-structured 529 plan can not only help save for college costs but also offers tax benefits on state taxes depending on the state regulations.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode