Published in the Baltimore Business Journal on November 24, 2023
As a financial advisor catering to a diverse clientele with children of all ages, college planning is a recurring topic in my comprehensive financial planning discussions. Our team dives deep into where our clients’ children (or grandchildren!) aspire to attend college and how much it might cost by the time they are 18 years old (of course, including inflation in these calculations), and we develop a savings strategy to achieve this ever-important goal. However, amid these conversations, I have been asked the following question numerous times: "What happens if our children choose not to attend college?" While options exist to address this scenario today, the new SECURE 2.0 Act, set to take effect in 2024, introduces a fresh strategy to our financial planning arsenal. Your 529 plan could soon become a pivotal asset, not just for educational aspirations, but for retirement too.