529 plan is a tax-advantaged savings plan designed to help pay for education. Originally it was limited to postsecondary education costs, but its scope was later expanded to cover K 12 education and apprenticeship programs. There are two major types of 529 plans – education savings plans and prepaid tuition plans. Education savings plans work much like a Roth 401(k) or Roth IRA by investing your after-tax contributions in mutual funds or similar investments. Prepaid tuition plans let you pre-pay all or part of the costs of an in-state public college education.
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