New Law Allows 529 College Savings Plan To Turn Your Child Into A Tax-Free Millionaire Retiree

Congress passed a new law in December of 2022 aimed at boosting America’s retirement plans. Along the way, though, it took one of the biggest complaints about a popular college savings plan and turned into a potential retirement pot of gold for your child. How can you do this? Click the link below for this week’s episode of The State of Greater Western New York Report and learn the 5 steps you can take to turn your child into a tax-free millionaire retiree.

Chris Carosa, award-winning journalist and Child IRA expert, recently had a story published in Forbes.com that received more than a quarter of a million views (see “How A 529 Plan Can Turn Your Teen Into A Middle-Class Millionaire,” Forbes.com, January 28, 2023). The article identified an opportunity then barely reported as a result of the passage of SECURE Act 2.0. In the first segment, Carosa explains the basics of 529 plans and Child IRAs as well as how SECURE 2.0 will soon allow you to convert excess savings in 529 plans into Roth Child IRAs.

In the show’s second half, reveals a simple 5-step program you can start now to place your child on the path of retiring a tax-free millionaire. Would you like to receive periodic updates on Child IRA topics? Click here to join others in receiving The Child IRA Newsletter (it comes out only when there’s relevant news).

Our guest happily answered questions from the live audience. In fact, these are probably some of the same questions you had. Would you like to be a live audience member so you can ask our guests questions? Click here to join the growing number of members who share your feelings on StateOf.GreaterWesternNewYork.com because then we can automatically send you the link to watch our shows live.

Theme music by “mansardian” courtesy of FreeSound.org under Creative Commons License Attribution 3.0 https://creativecommons.org/licenses/by/3.0/