3 Reasons Every Parent Should Consider a 529 Plan

A 529 plan is designed to help you save for a child or family member's higher education expenses. These plans are administered and managed at the state level, so some aspects can vary by state, but they all serve the same purpose. There are two 529 plan options: prepaid and savings. Prepaid 529 plans essentially let you pay for future tuition at today's price, and 529 savings plans, which are more common, work similarly to retirement savings accounts like IRAs.

Here are three reasons every parent should consider a 529 plan.

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Source Fool.com