NY's 529 College Savings Program

[Transcript auto-generated.]

00:00:00:00 - 00:00:03:01
Unknown
Hi, everyone, and thank you so much for your time on this afternoon.

00:00:03:01 - 00:00:24:15
Unknown
I sincerely appreciate it. As mentioned, I am today will be discussing New York's 529 college savings program, specifically the direct plan. A few things I always like to mention at the beginning of these sessions is, again, just keep in mind as we go through the slides today that this webinar is intended to be educational in nature, meaning I will not be providing any specific tax or investment advice.

00:00:24:17 - 00:00:45:00
Unknown
Any time you do have questions pertaining to your unique situation, it's always going to be advisable to talk those through with a tax preparer since they will know your financial situation better than anyone else. And as I mentioned, I love an interactive audience, so please do put your questions if you have them in the Q&A box, and we'll be sure to address those as we go through the slides.

00:00:45:02 - 00:01:03:07
Unknown
I'm just in case the Internet is a little spotty. I'm going to go ahead and turn my camera off as we go through the presentation just so that I'm not a distraction. We can kind of focus our attention on the materials. I want to do that now and we will go ahead and vibrate. And it is certainly no secret that the cost of living continues to increase.

00:01:03:07 - 00:01:36:12
Unknown
And that's something we experience daily when we do our regular grocery shopping. The same thing is happening in the college space, just on a much more escalated level, since college is already such a costly endeavor to begin with. And on average you can expect to spend anywhere between $25,000 per year upward and even over $50,000 per year. When you take into account not only tuition but also room and board books, technology expenses and data shows us that those costs are only going to continue to rise over time.

00:01:36:14 - 00:02:02:08
Unknown
So my thinking about how we're going to finance our education or our loved ones, education, many of us do tend to think about financial aid as being a pretty large component and on average, a student will receive roughly $15,000 in student aid. And when we think about that as well, if you look at this chart that you see on your screen here, while that is certainly a very helpful dollar amount, a portion of that will be in the form of federal student loans most likely.

00:02:02:08 - 00:02:30:15
Unknown
So that means that we will be on the hook for paying back at least a small portion of that financial aid that we're receiving from you Back to you. And the previous slide where we talk about it costing between 25,000 upward of even $50,000 per year, while again, this $15,000 or so in aid is certainly helpful. It does still leave a pretty hefty gap that will then be responsible for financing on our own, which is where the 529 will come into play.

00:02:30:17 - 00:02:52:20
Unknown
So our program was really created to help families think about saving before those college bills start coming in. So that way, when the time does come to put our loved ones through school, hopefully we won't have to borrow quite so much. So in essence, the whole premise of a 529 account is that every dollar that we save will be one last dollar that will ultimately have to borrow.

00:02:52:22 - 00:03:16:17
Unknown
So now we'll just quickly talk through a hypothetical example to help illustrate how powerful earnings can be. So let's focus our attention to start here on the left hand side of the chart on your screen, and you'll see that this is assuming that a person is a saver. More specifically, they have an 18 year time horizon. So let's pretend they just have a newborn and they want to get jumpstarted on this college savings endeavor right off the bat.

00:03:16:17 - 00:03:39:03
Unknown
And they choose to put $100 into an account each and every month for that full 18 years. They're going to even take it a step further and invest their money during that time, earning on average, in this example, a 5% return. So what does that break down to after that 18 years has passed. They will have saved $21,600 of their own money.

00:03:39:05 - 00:04:08:24
Unknown
But that 5% return that they had working for them over that time horizon actually adds on an additional $13,400. So they walk away with a grand total of 35,000. Now, conversely, had they decided to just take out a loan for that amount, let's say, to pay for that first year of school, and maybe in this example, it's going to be a ten year loan that they take out for that 35,000 after that ten years has passed, rather than paying the lender back just that money that they had needed up front.

00:04:09:01 - 00:04:43:01
Unknown
They are responsible for compensating that lender for giving them that money upfront. So in this case, it was a set or a ten year loan term with a 7% interest rate. And as you can see on the chart, they pay back closer to $50,000. Now, all of that to say please take this to me early. The bad thing that is a reality for many of us, whether it is for a mortgage or a car payment or, of course, in the college space, what this is really just trying to drive home is that if we do have the means to save some money and we do have the ability to invest during that time, it's a

00:04:43:01 - 00:05:01:24
Unknown
really great opportunity for us to be the ones benefiting. Whereas if you borrow that much money, of course the lender is going to be the one that's walking away with a little bit of that earnings potential. So just something to kind of think about. And if you've ever wondered why the 529 exists, it's because we are a state administered program.

00:05:01:24 - 00:05:28:22
Unknown
So the office of the State Controller, coupled with higher education Services Corporation, they partnered together to make this program available to everybody. Next, Census College Savings serves as the program manager handling all of the recordkeeping on the program. I always like to mention on the slide that's actually who I work for. Many people assume I'm a state employee or that I receive some type of commission of people open up a 529 account, and that's not the case at all.

00:05:28:22 - 00:06:05:04
Unknown
My main goal is just to provide that educational support so that people know what this program is and how it works. And then lastly, we are an investment in the market. So if you do choose to open up a 529 account here in New York, in the direct plan, Vanguard would serve as the money manager. And because we are a state administered program, we are able to offer some great tax incentives to anyone who chooses to participate in that first tax incentive will be a New York state tax deduction, which you're able to claim each and every year on the amount of money that you contribute into the program during that taxable year.

00:06:05:06 - 00:06:28:01
Unknown
And that is up to certain limits which you see on your screen here, and it's strictly based on how you file your taxes. So if you are an individual taxpayer, the maximum that you would be able to deduct is $5,000 per year. And if you are married filing jointly, that amount will double up to $10,000 per year. So what it's important to note here is that this is not a per child or per loved one benefit.

00:06:28:03 - 00:06:54:06
Unknown
That maximum deduction is, again, strictly based on how you file your taxes. And I always like to mention on the slide to another misconception with the program is people assume that it uses your pretax dollars. That's not the case. The 529 uses after tax dollars. So we've already paid tax money. We contribute, but then we get to file that state tax deduction on the back end each year when we file our taxes.

00:06:54:06 - 00:07:16:23
Unknown
And if you're not quite sure how a deduction works, the way that I like to explain it very simply is let's see, for example, your salary is $50,000. If you chose to put in that $5,000 as a single filer, rather than paying New York on that for 50,000 that you had made come tax season, you would be based on $45,000 instead of that $50,000 salary.

00:07:16:24 - 00:07:42:02
Unknown
So essentially what we're doing here is reducing our taxable income by that dollar amount that we put into the program that year. Next is our money is invested in the program before we start to pull anything out. It will grow federally, tax deferred. And really all that means is that while our money is in the program, we will not be subject to having to pay any income taxes on the growth that accumulates within our account.

00:07:42:04 - 00:07:59:11
Unknown
So, of course, the longer our money is in there, the harder that money kind of works for us. And that's when that snowball effect can kind of kick into gear. Whereas if you had this money invested in a taxable program, you would have saved less over that same time period because you would be paying taxes on that growth each year.

00:07:59:13 - 00:08:20:11
Unknown
And then lastly, of course, when we go to pull the money out of the program and enter that withdrawal phase, the money will come out tax free. When used for higher education expenses, because, again, that's what this program was created to help people see for. So that will include not only tuition but also room and board books, technology expenses.

00:08:20:13 - 00:08:44:15
Unknown
You're not limited to the New York state schooling system on your child or loved. One can go to school anywhere in the country. They can even study abroad as long as they're going through an accredited program. And furthermore, you can use this for trade, vocational tech schools and apprenticeship programs as well. So if your loved one is more of a hands on learner, doesn't want to go to the traditional, you know, two or four year route, that is totally fine.

00:08:44:15 - 00:09:11:23
Unknown
You still have options for alternate types of schooling. Now, there are two bullet points on this slide that work a little bit differently than everything that I've just discussed here, and that will specifically be K through 12 tuition and student loan repayment. So there was legislation that was passed in 2018 by the federal government that determined that K through 12 and student loan repayment would now be considered qualified educational expenses in the 529.

00:09:12:00 - 00:09:35:01
Unknown
However, the way that New York state law was written was actually in conflict with that and because there hasn't been an amendment that has been passed through. What that means is if you do choose to take money out of your 529 account, specifically for K through 12 private tuition or to pay off an outstanding student loan, that would be considered a non-qualified withdrawal specifically at the state level.

00:09:35:02 - 00:10:07:17
Unknown
So not federally, but just here at New York State. And what really what that really means is that New York would be able to recapture that previously claimed tax deduction that you had filed. If you do choose to use your money for those two bullet points. And the reason that I like to kind of talk through that is I do want you to have the full picture over how that works, because you might decide then to keep the money in the program for a little bit longer and use that for future college expenses instead so as to be able to maximize all those tax incentives that are available to you.

00:10:07:20 - 00:10:33:13
Unknown
Now, when you enter the withdrawal phase of the program, it will be very easy to access your money and you'll simply log on to the website, you'll click into the beneficiary account that you're looking to pull money out of, and then you'll have the ability to direct where you want those funds sent. And what I mean by that is if it is for a tuition payment, let's say you can actually have a check cut right from your 529 account and mailed directly to the school's tuition office.

00:10:33:15 - 00:10:51:23
Unknown
That keeps the records, you know, really nice and clean and you don't even have to worry about touching the money. I want to spare expense. Maybe your child is going to be binder textbooks at the campus bookstore. And that scenario, maybe it makes more sense for your child to just, you know, swipe the credit card at the bookstore.

00:10:52:00 - 00:11:15:04
Unknown
And when that credit card bill comes in the mail to you, you would then be able to reimburse your self for the amount of money that they had pulled out or put on the credit card. I always tell families here, you want to keep the numbers, you know, the same. So if it's $800 for textbooks, take out that withdrawal for $800 so that those numbers that I'm just going to help to avoid you being questioned by the IRS.

00:11:15:06 - 00:11:32:14
Unknown
And with that said, I'm never going to come knocking at your door asking you, you know, what you used to withdraw for? What if you ever were audited? It would definitely help you to have that documentation. So with that said, I do encourage everyone keep track of your receipts just in case you ever do go through an IRS audit.

00:11:32:22 - 00:12:02:01
Unknown
So now let's talk through a couple other misconceptions that exist with the 529. In my opinion, I think people tend to assume that it was created specifically for parents saving for their children. And while that is unlikely, the most common use that we see actually anyone can be an account owner and anyone can be a beneficiary. So what that means is you can open a 529 and see for yourself if you are in school or planning to go back, or maybe your spouse is planning to go back to school, you can open a 529 for them.

00:12:02:03 - 00:12:28:05
Unknown
Of course, you can save for children, but also grandchildren, nieces, nephews, really anyone near and dear to you whose future you're looking to contribute towards. This just gives you that outlet to do so. The only real stipulation is that you must be a U.S. citizen or resident alien, meaning you have a Social Security number or tax number. However, there's no income limitations, so you cannot make too much or too little to participate.

00:12:28:07 - 00:12:49:14
Unknown
And more importantly, there's no age limitations. And the reason that I stress that is because not everyone graduates from high school and is then suddenly ready to pursue a degree. Maybe your child needs to take a few years to work for a little while and figure out what they're passionate about, and maybe they choose to go on to college when they're in their late twenties or their thirties.

00:12:49:16 - 00:13:12:19
Unknown
That's totally fine. You have the ability to keep the money in the 529 account. It will not be edged out and you can always start that withdrawal process later on. Additionally, you do have the ability to change beneficiaries as needed. So if you have multiple children, maybe one goes to college and one is an entrepreneur, you can move money between those beneficiary accounts as needed as well.

00:13:12:19 - 00:13:37:12
Unknown
And there won't be any fees or penalties that apply there. And maybe you just know that money from the entrepreneur child into the college bound child. That way you're kind of keeping the money in the program and again, maximizing those tax incentives that are available to you. The last thing that I'll note here on this slide is unlike some other programs with the 529, you as the account owner have full control over when and how these funds are used.

00:13:37:14 - 00:13:49:04
Unknown
So that is not the type of account where your child turns 18 and suddenly has access to the money you're basically saving for future you with the intention of passing this money on for those college expenses to your loved ones.

00:13:49:06 - 00:14:07:03
Unknown
Now, you're probably wondering, you know, if opened an account and you're saving for all this time, maybe your child decides that they are not going to go to school at all, You might be fearful of what happens there. So hopefully after this slide, I will help to put your mind at ease. That is not as scary as you might think, because, again, you do have options.

00:14:07:05 - 00:14:24:16
Unknown
So the first two bullet points that we'll talk about, I kind of already alluded to them on the last slide, but again, you can do nothing if your child graduates from high school. You're not going to be pushed out of the program if they don't start college right away on the money will continue to grow, tax deferred and maybe they change their mind and go to school a little bit later on in life.

00:14:24:16 - 00:14:52:24
Unknown
Again, That's totally fine. And as I mentioned before as well, you can change the beneficiary quite simply. Maybe your child doesn't go, but you decide to go back for your masters or you decide to just keep the money in the account and ultimately roll it down to future grandchildren. That's an option you have on flexibility here. And then, of course, we understand that life happens and you might just need to tap into this account for something totally unrelated to higher education or college.

00:14:53:01 - 00:15:13:08
Unknown
And that's okay. It's your money. At the end of the day, you can use it as you see fit. What would happen if you did choose to take out a non-qualified withdrawal? Is that any of the earnings that had accumulated with your account, not the money personally saved, just that growth portion that would be subject to a 10% federal penalty.

00:15:13:13 - 00:15:37:00
Unknown
Again, if you've used this to your kitchen on an expense not associated with college, so let's say you've saved $10,000 of your own money. It grows to $12,000. You do a redo of your kitchen with your 529 account. That $2,000 of growth in my example, that's what that 10% penalty would apply here. So $200 as far as my example goes.

00:15:37:02 - 00:16:02:00
Unknown
Good news, though, is some exemption will be waived and that would be in the unfortunate event of something like a death on disability, but also on the positive side, if your child receives a scholarship, you're able to withdraw an amount equal to that scholarship without that penalty applying. So again, it is pretty flexible in that sense. And also if your child does decide to pursue a U.S. military academy, that penalty would be waived in that scenario as well.

00:16:02:04 - 00:16:27:01
Unknown
Now, as far as fees go, there is a fee to participate in the 529. However, we pride ourselves on actually being one of the lowest in the country. So what you can expect to spend on an annual basis is 0.12%, which is known as 12 basis points. And what it really boils down to is that every $1,000 that you put into the program, you would pay $1.20 for the entire year.

00:16:27:03 - 00:16:40:06
Unknown
So this is where I made my cheesy joke that if you happen to go to a fancy coffee shop that everybody loves and you buy one cup of coffee, you've likely paid more for that cup of coffee than you will for your fee. And the 529

00:16:40:06 - 00:16:54:10
Unknown
As far as what the requirement is to open an account with no account minimum and no contribution requirements, meaning we're putting you in the driver's seat to use or to contribute what you're personally comfortable with and what your family is comfortable with.

00:16:54:12 - 00:17:12:11
Unknown
So you're not locked into making any crazy contributions. You can get started with as little as $1 and then, you know, fund it from there with what ever you are comfortable with again. And you do have a means as far or different options as far as how to get money into your program. And that includes on payroll, direct deposit.

00:17:12:15 - 00:17:35:10
Unknown
You can have money coming right out of the paycheck, which I personally think is such a great feature, because once you get that first paycheck or two to your checking account, you don't even miss the money. You just kind of forget about that little bit that you have designated to go into your FY 29. And before you know it, you've built up this nice little, you know, in that state that you'll be able to distribute to your children or loved ones.

00:17:35:12 - 00:17:41:02
Unknown
But outside of people, you can also link it to a checking account where you can, of course, just mail in a check periodically as well.

00:17:41:02 - 00:17:53:06
Unknown
As far as maximums go, so very high dollar amount, but still something worth noting. If your account were to reach a balance of $520,000, you would no longer be able to continue adding funds from there.

00:17:53:06 - 00:17:57:12
Unknown
So that is important to note on, but likely doesn't apply to too many of us.

00:17:57:12 - 00:18:10:02
Unknown
So now we'll just switch gears here quickly. And again, we will address those questions at the end of the presentation. I did see one come in the chat box, so I promise to get to that. But now let's focus on how the investment portion of the program works.

00:18:10:04 - 00:18:36:09
Unknown
I mentioned earlier that Vanguard is the money manager. You've likely heard of them in at least some capacity before, but they've basically created on two different types of portfolios that you can utilize with the 529. And the first that we'll be discussing are the individual portfolios, which basically allow you to cost them, create your own account. And what's great about it is you can make changes up to two times per year and you can choose up to five of those investments in your account.

00:18:36:09 - 00:18:57:17
Unknown
So essentially you're not limited to just one choice. You can be, you know, as they versus as you so choose. The other options that we'll discuss are known as the target enrollment portfolio. And those are a really, really great option for people who are not super comfortable making financial decisions because it's simply based on the year that your child is expected to start school.

00:18:57:20 - 00:19:01:00
Unknown
And I'll talk about that in a little bit greater detail momentarily.

00:19:01:00 - 00:19:14:12
Unknown
All right. So let's get started and I'll keep this at a pretty high level. The website is really going to be your best friend if you do choose to utilize the individual portfolios. But I just like to kind of talk through an example so that you can kind of understand how these might work.

00:19:14:14 - 00:19:40:00
Unknown
You'll notice to the right hand side of each of the portfolio names that there's a little donut and the red dot that represents stocks, the blue that you'll see and some options, pre-sentence bonds. And then lastly, the green donut represents what's known as short term reserves, which means that if your money is in that green donut, you're likely not earning very much money at all because it's just doing its best to track the US dollar.

00:19:40:04 - 00:20:06:02
Unknown
So also, if the market were to take a big dip, you also likely wouldn't lose quite so much money. So that's going to be the most conservative option that's available to you with the individual portfolios. Again, you're allowed to choose up to five of them to create your own custom account. So you might say, for example, I would like 25% of my account in the developed markets portfolio, 25% in growth stock, another 25% in small cap.

00:20:06:04 - 00:20:25:10
Unknown
And I'm just going to choose one more for the sake of time. We'll put the last 25% in the income portfolio. Again, you can pick and choose these based on what your time horizon is and what your risk tolerance is. And my example there, I chose, you know, 75% of my account in stocks with about 25% in that bonds portion.

00:20:25:10 - 00:20:44:06
Unknown
So that's pretty definitely something I do when I have a smaller child because I have that longer horizon before I need to tap in and access the money. Or as somebody who has, you know, senior in high school, they might choose to use more of the bond option since I'll be pulling that money out of the account sooner.

00:20:44:08 - 00:21:19:19
Unknown
So when thinking about the individual portfolio, specifically, the two biggest driving factors are always going to be your time horizon again, how soon do we need to access that money and our risk tolerance? How comfortable are we with the idea of up and down movement in our account that that is something that really deters us? We're likely going to be considered a conservative investor, whereas if our biggest objective is growth and we're okay with the up and down movement because we want that biggest opportunity for earnings to accumulate, we'd be considered an aggressive investor and maybe we can afford to take on a little bit more stocks in our account.

00:21:19:21 - 00:21:43:21
Unknown
That will be entirely, you know, up to you and what your personal comfort level is. I know what the slide again, it's pretty high level. And you might be wondering, you know, what makes each of these different from one another. Again, I mentioned that's where the website is going to be really, really great to resource because it will tell you what the individual investment objectives are for each of these, what the past performance has been.

00:21:43:21 - 00:22:07:00
Unknown
So you could see returns over one, three, five and ten years for these portfolios. And you can also see with the top ten holdings are that make up each of these different portfolios. So I know offhand on something like the developed markets portfolio will hold names like Samsung, Nestlé and Toyota, I'm just to name a few. And that was the last time that I had checked the portfolio on the website.

00:22:07:00 - 00:22:41:12
Unknown
So that is very much subject to change, but the website will definitely be your best friend when it comes to utilizing these individual portfolios. Now the big difference between the individual portfolios and the target and the portfolios which we'll be discussing now is the target embodiment. Portfolios are more of an automatic option. So if I'd log on periodically and make adjustments to your account as your child is getting older, if that is something that does not sound appealing to you, the target enrollment portfolios will be your best friend because these go on autopilot.

00:22:41:14 - 00:23:02:13
Unknown
Again, I mentioned you're basically going to have to make the choice of what year you expect your child to most likely start school. And again, it's a generalization then. But for example, if you have a newborn today, you likely would choose the 2041 portfolio because that's about 18 years from now and you'll likely have that 18 year time horizon before you need to start withdrawing money.

00:23:02:13 - 00:23:25:07
Unknown
Whereas if you have a senior in preschool, you might be in the target enrollment, you know, 2024 portfolio, for example. But again, once you choose that initial year that you're assuming your child will start, what's great is that each and every year the computer will kick in, will reallocate our account, and over time it will slowly move it to a more and more conservative position.

00:23:25:07 - 00:23:56:09
Unknown
So I'll just kind of take a quick look at those donuts on your screen, similar to how we discussed them, the individual portfolios, you'll see that the 2041 option, that donor is roughly 95% stocks, about 10% bonds. And each year as they move into the next portfolio, you'll see that Bond segment gets bigger and bigger because, again, as we start to enter the year where we're going to be pulling money out, we want to minimize any of that risk that we can on and will be entering the withdrawal phase then.

00:23:56:11 - 00:24:20:20
Unknown
So again, the big difference between the target investment portfolio and the individual portfolios is that these are an automated investment, whereas the individual portfolios are more stagnant. You would be responsible with the individual portfolios to log on periodically and make just months as your child gets older, whereas with these it will happen automatically on your behalf. And then this important disclosure.

00:24:21:00 - 00:24:41:21
Unknown
It's something that we all likely already know that again, the 529 is an investment in the market, which means it's subject to risk and that it is possible to lose money with that investment. And I never see that to scare anybody. But I think it's important to understand, you know, how your money is being utilized and that will be the same if you have a retirement account or a personal brokerage account that you're using.

00:24:41:23 - 00:24:53:12
Unknown
They all have that risk associated with them because we just don't know what the stock market is going to do tomorrow. So again, think about your time horizon. Think about your comfort level with risk and you can make an educated choice from there.

00:24:53:12 - 00:25:01:17
Unknown
Now, we will quickly review some of the things that we've already talked about and we will talk about how to actually open up one of these accounts as well.

00:25:01:19 - 00:25:28:17
Unknown
So again, we are a sponsored program, so we are able to offer some great tax incentives, including a state tax deduction each year. And the money we put into the program, our money will grow federally tax deferred. So we won't be subject to income taxes each year. And then ultimately our withdrawals will come out tax free. When you activation expenses very flexible and that anyone can be an owner, anyone can be a beneficiary on the program.

00:25:28:19 - 00:25:53:01
Unknown
And we can choose not only from tailored enrollment portfolios, but we can also add a level of customization if we choose to utilize the individual portfolios. Lastly, on something that we don't have a specific slide for, but I always think it's worth mentioning, there are some optional features that you can opt into with the 529, and those are programs such as You Gift and You Promise, which allows family members to make contributions into your account.

00:25:53:03 - 00:26:00:21
Unknown
Or if you're someone who does a ton of online shopping, it's worth looking up. You promise that's a cash back rewards program. But again, it's just totally optional.

00:26:00:21 - 00:26:21:17
Unknown
As far as opening up one of these accounts, everything is done electronically right on our web portal. And I will put that you are up on the screen here momentarily. But what's important to know is that you'll need to come equipped with your name, date of birth and Social Security number, as well as that information for the loved ones that you'll be opening your account for.

00:26:21:19 - 00:26:44:13
Unknown
Once you plug in that information, you'll be prompted to select the investment choice that makes the most sense for you and your family. And then you will be prompted to choose how you want to add money to your account. And again, that can be via check by linking it to your checking account and through checking you have the option of doing just a one time contribution or a recurring monthly contribution.

00:26:44:15 - 00:26:59:01
Unknown
And then of course you can use payroll direct deposit as well where you're allowing money to come right out of your paycheck each pay cycle. If you do fall into that category, you will be prompted to print out a form on that will populate on your screen

00:26:59:01 - 00:27:10:07
Unknown
enrollment and everything's done electronically on our web portal you are able to use I'm not only a checking account or check, but you can choose to use as well direct deposit.

00:27:10:09 - 00:27:29:14
Unknown
And if you do choose that option, you will have the ability to input your account number and your routing number or your 529 account right into work day and have that money coming out each piece cycle. So that's going to be a really easy process to make that linkage so that you can have that money coming out each and every paycheck.

00:27:29:14 - 00:27:35:00
Unknown
And you can, of course, make changes to that dollar amount as needed and start and stop those contributions as well.

00:27:35:00 - 00:27:52:21
Unknown
And then just to kind of wrap things up, we've already talked about most of this information here, but simply before you do open up an account, it's important to know this is an investment in the market. I can't make guarantees as to how your individual account might perform and that also each and every state does have their own 529 account.

00:27:52:23 - 00:28:20:12
Unknown
So while of course we'd love for you to use ours, if you live outside of New York, you can absolutely check in with your home state there and see if there are any tax incentives that you can utilize if you were to open up that state instead. And then as pressed, here is our website and why 5 to 9 at work dot org on There are great information and resources here on the website you know that some that take you right away from our page as well yeah financial aid tips.

00:28:20:12 - 00:28:34:07
Unknown
We have college planning calculators that Bankrate has created on there's a whole bunch of great information here on the website and of course this is where you would ultimately open up the account if you do choose to pursue an account,