Stephen Nelson: 529 plans are the best way to save for college due to the tax-free growth and tax-free withdrawals if used for college expenses. Many people don’t know the difference when they sit across from an advisor and are discussing setting up a 529 Plan. Broker sold programs are 529 plans set up through an advisor or broker. But direct sold programs can be enrolled in directly through each state’s plan manager and done from your home computer. Most people don’t realize that the direct sold programs are better and less expensive than the broker sold kind.

Source: Forbes May 21, 2019 12:33 UTC