When selecting a 529 Plan, be sure to shop around for the best deal and remember that:
--Contribution limits may vary by state.
--Tax advantages may vary from state to state and may depend on whether the investor is a resident of the state that sponsors the plan.
--Fees and expenses vary by state and often among various plans offered by the same state.
--Investment options range from higher-risk stock funds to blended funds including stocks and bonds to conservative, short-term funds.
Getting the details right in your long-term financial plan takes time and extensive research. Time is often in short supply for young parents.
So, consider lining up a financial adviser as part of your plan to secure your future. About 75% of Americans don't have a financial advisor despite the obvious benefits. Beckmann says those who hire a pro have portfolios that, on average, represent 362% of their annual income while those who don't have a financial adviser have portfolios representing about 105% of their annual income.
Instead, most couples take a worm's eye view of their finances and fret about how they'll cover expenses after an unexpected job loss, major illness or major home repair.
Beckmann says most Americans take a do-it-yourself approach to financial planning. A survey conducted by A.G. Edwards found that 35% trust themselves to make wise financial decisions while 16.9% rely on a financial adviser and 16.2% rely on a parent or grandparent. Surprisingly, only 14% chose their spouse as a solid source for information, and more women than men picked their spouse.
There are many Internet sites offering financial tips to families, including A.G. Edwards & Sons, T. Rowe Price, Merrill Lynch, Goldman Sachs and Morgan Stanley. Major banks also offer solid information, including Wells Fargo, JPMorgan Chase, Bank of America and Citigroup.
The survey underscores the importance of putting financial issues on the table and discussing them openly and completely.
"Knowledge is built through communication," Beckmann says. "Open and frequent discussion garners trust. Couples can achieve that with each other by talking frequently and sharing some financial goals before consulting with a financial adviser who can provide objective and proactive advice." 后面还有着这段 刚没复制上
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