May is known for one of the best date puns ever created.
No, it isn’t that silly May the Fourth Star Wars day.
Star Wars day is extremely unlikely to put a dollar in your pocket. (Unless you are a Disney investor like a few of my friends.)
The best date pun in May is 529 day… which is today: 5/29.
Regular readers of personal finance blogs like this one know that 529 refers to Section 529 of the U.S. Internal Revenue Code that allows for a tax-advantage when investing for qualified education expenses (usually college).
That means that parents can at least get a small break when dealing with enormous, exploding college tuition prices.
It’s also a well-timed reminder that now that tax season is over, it can be a wise move to start putting money into a 529 Plan. I started a 529 plan around 2007 or 2008 for my niece and nephew and one for each of my own children in 2012 and 2014.
It wasn’t exactly easy picking the best plan either time. In fact, it reminds me of the NFL playoff rules where you get to the Nth tie-breaker and it’s literally a coin flip that decides a team’s entire fate.
To help people pick the best 529 Plan, I wrote this guide: 529 Plans: How Do you Choose?
Since 529 Plans are very state-specific, that should at least be a good place to start. Some of the specific data on plans are a little dated, but the concepts stand strong today.
Hopefully, today, you are enjoying a hamburger, hot dog, or whatever it is you like when you get to take a little time off of work. Let’s put in a coupe of extra minutes to chew on the financial future of our children as well.
And certainly, please don’t take my 529 Plan away.