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Generations of parents have opened 529 plans to save for their children’s educations. Now some are reconsidering the value of college and looking into other options.
By Kailyn Rhone
Before starting a family, Asha Bailey and her husband were already looking for the best ways to plan for their future children’s financial security. In their community in San Diego, 529 college savings plans often came up in conversation.
Wanting to learn more, Ms. Bailey and her husband visited their credit union to explore opening a 529 account. But when they learned that the plan could be used only for educational purposes, which their children might not require, they weren’t thrilled.
