DH and I want to set up a 529 plan for DD. I have been meaning to do it for over a year, but never got around to it. Currently, we are putting money into a savings account for her, but nothing college specific.
For those of you that have them, did you do the Maryland one? Also, did you speak with a financial advisor first?
TIA!
Re: 529 Plans
BFP#1: 01/10, M/C 6w
BFP#2: 06/10, M/C 5w
BFP#3: 09/10, DS born June 1, 2011
BFP#4: 07/12, M/C 5w3d
BFP#5: 12/12, EDD 08/18/13
My Blog: Decorate This
We opened a 529 for DD when she was 3 months old and have money deducted from our account monthly that goes into it. My dad is a whiz about financial stuff like this, so I just talked to him about it, but not an actual financial advisor.
We did use maryland's - collegesavingsmd.org I think - but they say you can use any state's even though you live here, and the money can be used for almost any college in any state, no matter which state you have the 529 with.
We set it all up online after having some info sent to us in the mail. We can also go online and make contributions or change the amount we have deducted monthly to go into it.
When we signed up, they had different plans for where exactly your money can go, and we just chose the plan that was designed for the year she would be entering college. But I'm sure we could change it if we wanted to.
Id say your best bet is to check out the website and get some info sent to you, then take it from there.
We went through Valic Financial to set up the 529 plan for Sophee. We are doing the investment one not the prepaid college one. Like pp stated, ours is deducted from out account monthly and we can add money to it at any time.