529 Plans
Hello terry – my wife and I are about to become grandparents. We would like to open a 529 for our first grandchild and for those to come in the future.
What are your recommendations on a 529 plan? We are Illinois residents.
Thank you Terry for all you do!
Terry Says
Congratulations on becoming grandparents!
You definitely want to open an Illinois BrightStart 529 plan account.
Go to www.BrightStart.com. Your contributions are tax deductible on your Illinois income taxes — up to $10,000 per year.
When asked how you want to invest, just use the “age-based” plan, where the investments get more conservative the closer they get to needing the money for college.
