Amplified Wealth
Amplified Wealth is your monthly dose of actionable financial insight, where financial experts dive into a wide range of money matters in an informal, yet informative manner. Join us each month as we discuss various, timely financial topics - breaking them down to be more accessible and engaging for everyone.
Amplified Wealth
From Tuition to Retirement: Recent Changes to 529 Plans
In the latest episode of Amplified Wealth - According to Plan, hosts Kate Fishbein, CFP®, and Tom Farrell, CFP®, dive into recent changes in 529 plans and how these updates can benefit you and your family.
Episode Highlights:
529 Plan Updates: Discover the latest changes to 529 plans, including the new "grandparent 529 loophole" and how it affects financial aid eligibility.
Financial Aid Simplification: Understand the implications of the FAFSA Simplification Act and its impact on third-party 529 plans for the 2024-2025 school year.
Beneficiary Flexibility: Learn about the options for changing 529 plan beneficiaries and how these plans can be used as a legacy tool for future generations.
Roth IRA Rollovers: Explore the exciting new provision in the Secure Act 2.0 that allows for a lifetime $35,000 rollover from a 529 plan to a Roth IRA for the beneficiary, along with important rules and considerations.
And more!
Timestamps:
Summary and Soft Open: (00:00)
Grandparent 529 Loophole: (02:09)
Unused 529 Funds: (06:23)
Converting to Roth IRA: (12:23)
Important Caveats: (13:37)
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