Jan 18, 2023

Sneak Peek of FinCap Friday: Tim & Yanely discuss major change to 529 Plans

In this week's episode of FinCap Friday: Don't Use It, Don't Lose It Yanely unpacks the details surrounding a new law taking effect in 2024 that will add flexibility to the money held inside of a 529 Plan. Before this change, you could only use a 529 plan as a tax-free source of funds if you used the money to pay for qualified education expenses, but now there's a new rule that allows for this money to be used as a head start on investing for retirement. Tune in as Yanely and Tim break it down in the clip below:



Save for College or Retirement? New 529 Rule Makes It Easier to Help Your Kid Do Both

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Did you know: NGPF has a Teacher Certification Course called Paying for College? Cohort #31 runs from Feb 16 - March 16 and you can register here!

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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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