NGPF Podcast: Richard Ellis, Executive Director at my529, on Saving for College
How much do you know about 529 plans? What should you look for when choosing a plan? Listen to this podcast to find out!
Richard Ellis, Executive Director of my529, a 529 plan established by the State of Utah joins Yanely to talk about college savings plans. Listen to this conversation and you will learn about Richard’s career leading up to his role at my529, the benefits of saving early and often, and how to analyze 529 plans.
- 0:00~1:11 Introduction
- 1:11~3:58 Increasing access to college
- 3:58~6:13 America Saves Week
- 6:13~8:43 Saving a little is better than saving nothing
- 8:43~13:40 What to look for in a 529 plan
- 13:40~18:00 Misconceptions about 529 plans
- 18:00~20:29 What if you choose not to use your 529 funds?
- 20:29~25:52 Grandparents versus parents opening the account
- 25:52~29:33 Changes with SECURE 2.0 Act
- 29:33~37:29 Conceptualizing saving for college
- 37:29~43:09 Roth IRA vs 529 plan
- 43:09~47:18 529 plans across different states
- 47:18~48:26 Conclusion
- “Just think about all the toys you step on that never get played with after the first three days that our kids or grandkids have -- boy, a $50 bill you throw into their  account when they were 1 or 2 or 3 or 4 [years old] would be worth a lot more down the road and memorable and make a impression on their lives.”