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<a href="http://www.accessmylibrary.com/article-1G1-112807653/tax-breaks-boost-529.html" title="Facts and information about Tax Breaks Boost 529 Education Plans; They Often Top UGMAs; Tax-free payouts and growth are key benefits of college savings plans.(FUNDS & PERSONAL FINANCE)(SAVING FOR COLLEGE)">Tax Breaks Boost 529 Education Plans; They Often Top UGMAs; Tax-free payouts and growth are key benefits of college savings plans.(FUNDS & PERSONAL FINANCE)(SAVING FOR COLLEGE)</a>
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Tax Breaks Boost 529 Education Plans; They Often Top UGMAs; Tax-free payouts and growth are key benefits of college savings plans.(FUNDS & PERSONAL FINANCE)(SAVING FOR COLLEGE)
Byline: PAUL KATZEFF
529 college savings plans are often seen as a better way than typical alternatives to prepare for your children's education costs.
"A 529 plan gives you control, flexibility and tax-free growth," said Gail Buckner, senior vice president and personal finance expert for Putnam Investments. "They're the smartest way for the average person to save for college."
And a study by T. Rowe Price shows that the longer your money is invested, the bigger the after-tax payout edge by 529 plans vs. taxable accounts and Uniform Gifts to Minor Act/Uniform Transfers to Minors Act accounts.
UGMA and UTMA accounts are basically the same. Some states recognize one rather than the other.
Tax-Free Growth
The T. Rowe Price comparison assumes the same investments are made in each type of account.
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