Jan 19, 2023

FinCap Friday: Don't Use It, Don't Lose It

Many families have long worried about the risk of having unused funds in a 529 plan. With extra funds or unused funds you have historically been able to choose between changing the beneficiary or withdrawing the money for non-educational use and paying income taxes (plus a 10% penalty) on your earnings. But, not anymore! A new law is making headlines because for helping families use 529 funds to get a head start on helping kids invest for retirement! Learn all about this major change in this week's episode of FinCap Friday below:

If you're short on time for this activity, try our simplified No Tech version containing embedded questions right in the slide deck!

Check out all our FinCap Friday episodes here. They're not date-dependent so many of the 175+ in our catalog dating back to August 2018 may work throughout the year! 

About the Author

Yanely Espinal

Born and raised by Dominican, immigrant parents in Brooklyn, Yanely is a proud product of NYC public schools. She graduated from Fiorello H. LaGuardia High School in 2007 before going on to receive her bachelor's degree at Brown University in 2011. As a Teach For America corps member, Yanely taught third and fourth grade in Canarsie, Brooklyn. She received her master's degree from Relay Graduate School of Education in 2013. She spends her spare time making YouTube videos about personal finance on her channel, MissBeHelpful. Yanely also loves to dance, sew, paint, listen to podcasts, and babysit her 10 nieces and nephews!

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