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Celebrating 50 years of Goldman Sachs Ayco, and the milestones along the way.
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529s: Untapped funds may now roll over for retirement

Individuals 03.29.2023 4 MIN

A 529 plan is an education funding savings account that can be used to cover college expenses and up to $10,000 per year for some pre-college school expenses for qualified beneficiaries.¹ 529s have been popular savings vehicles for some time but are likely to become even more popular now, thanks to upcoming changes in tax laws.

If you’ve considered setting up a 529 account for a loved one, but worries around strict qualified expenses gave you pause, you’ll be interested in this update!

New 529 plan flexibility

Beginning in 2024, many families may be able to transfer money from a 529 college savings program to a Roth IRA. If your child doesn’t go to college, you can roll the unused funds over into a Roth IRA for their benefit, giving your child an early start on retirement savings.²

How much can be rolled over and when

The limits on contributions from 529 plans to Roth IRA are capped at the annual IRA contribution limit, with a lifetime limit of $35,000. Keep in mind, the rollover option is only available for accounts that have had funds in them for at least 5 years.³

How to choose a 529 plan

These plans vary from state to state, with some states allowing 529 contributions to be deducted from state taxes if you are a state resident. Some states offer prepaid plans, allowing you to “prepay” and lock-in tuition rates at eligible public and private colleges and universities. You can start the process by checking your state’s plan and comparing it with other state plans, as well as reaching out to a Goldman Sachs Ayco Financial Wellness coach to discuss the details.

Your Goldman Sachs Ayco Financial Wellness coach can walk you through which 529 plans suit your goals. You can also discuss how much to contribute to your 529 plan and how these contributions fit into your overall financial picture. Connect with a coach today!

If you have Goldman Sachs Ayco as a company benefit, register, log in or download our Goldman Sachs Wellness app to learn more about this and other financial wellness topics.

¹https://www.forbes.com/advisor/student-loans/529-plan-k-12-education/

²https://www.irs.gov/credits-deductions/individuals/qualified-ed-expenses

³https://www.nytimes.com/2022/12/23/your-money/401k-roth-ira-new-rules.html

Note: Any reference to an Internet site sponsored and maintained by third parties (the ”Site”) is provided solely as a convenience to you, and does not constitute an endorsement, authorization, sponsorship, or affiliation by The Ayco Company, L.P. or its affiliates. Ayco has not reviewed or tested any information, software, or products found on the Site, and therefore makes no representations regarding the content or sponsors of the Site or the suitability or appropriateness of the products or transactions described therein.

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