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By | 10-23-2017 01:00 PM

529 Plans Can be a Smart Choice for College Savings

The tax-advantaged accounts are worth considering, but not all plans are created equal.

The cost of college is higher than ever, making saving smarter more important than ever.

One of the best vehicles for doing so is a 529 College Savings Plan. Money in 529 plans compounds tax-free, and withdrawals for qualified education expenses are also tax-free.  In addition, some states offer tax deductions or credits for contributions.

But not all plans are created equal. Some plans are saddled by high fees and poor investment choices, which can hamper your savings progress and erode your returns.

Investors are free to choose any state's plan, meaning there are lots of options. To figure out which plan is right for you visit Morningstar's 529 Plan Center.

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