Jill on Money with Jill Schlesinger 529 Plans vs Trump Accounts
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Jul 22, 2025 The discussion dives into the new Trump Accounts and whether they outshine traditional 529 plans for college savings. Listeners hear about the complexities of timeshare exits and retirement planning challenges, including healthcare costs. The balance between leaving a legacy for children and enjoying retirement is explored, emphasizing experiences over mere savings. Finally, the notion of financial independence is celebrated, likening it to the freedom of summer vacation and encouraging listeners to engage with their financial journeys.
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Handle Timeshare Payments Carefully
- Consult with your timeshare company about paying taxes directly if you want to stop paying maintenance fees.
- Avoid simply stopping payments without clarity, as unpaid taxes could lead to liens on your property.
Focus on Retirement Spending, Not Legacy
- Run your retirement spending and income plans through detailed calculators to test sustainability.
- Focus on living well now instead of stressing about leaving large inheritances to children.
Prefer 529 Plans Over Trump Accounts
- Choose a 529 plan over a Trump savings plan for college expenses because 529 withdrawals are tax-free.
- Trump accounts function like IRAs, where taxes are paid on withdrawals, making them less advantageous for college savings.