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What Is a 529 Plan and Why Should It Be on Your Radar?

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May 29 is National 529 Day, a day to raise awareness about one of the most powerful tools families can use to save for education.

If you’re a parent, grandparent, or even just someone who wants to give a meaningful gift to a child in your life, a 529 plan might be the financial tool you’ve been looking for. But let’s back up for a second.


What exactly is a 529 plan?

A 529 plan is a tax-advantaged savings account designed specifically for education expenses. You can use the money you save in a 529 plan to pay for qualified education costs, like tuition, trade school, books, housing, and even some K–12 expenses. And the best part? Your money grows tax-free, and withdrawals are also tax-free when used for education.



Here’s why I love 529s for families I work with:

  • You stay in control. You decide how much to save and when to use the money.

  • Anyone can contribute. Grandparents, godparents, and friends can all pitch in.

  • It grows with your child. The earlier you start, the more time your money has to grow.

  • It’s flexible. If one child doesn't use all the funds, you can change the beneficiary to another family member.

  • State tax deductions. In Michigan, married couples filing jointly can deduct up to $10,000 per year in contributions from their Michigan state income tax return.


But what if I’m still working on my own financial goals?

Great question. As a financial planner (and a mom!), I believe education planning shouldn’t come at the expense of your own financial security. That’s why I help families create balanced plans that allow them to save for education and retirement, while still enjoying life today.


Ready to take the next step?

National 529 Day is the perfect reminder to review your plan—or start one. Whether you want to open a new 529 account, understand how it fits into your bigger financial picture, or explore options for multiple children, I’m here to help.


Because sending your kids to college shouldn’t mean sacrificing your peace of mind.


Serving families in Grand Rapids and beyond.

Let’s create a plan that supports your whole family’s future.

Book a call to get started.

 
 
 

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Address: 2100 E Beltline Ave NE

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Grand Rapids, MI 49525

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Golden Goose Wealth Planning, LLC is an Independent RIA located in Grand Rapids, Michigan.

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