Start Now. Time can be an investorís best friend. By investing $500 a month at age 40, and assuming 8% growth, one could have $465,000 by age 65. By waiting until age 45, that amount decreases to $300,000. Thatís a 38% penalty for waiting five years.

The many varieties of 529 Plans
The problem of how to save for college education expenses can be both easy to solve and confusing to resolve. There are now over 40 different 529 college savings plans. Each plan is sponsored by a specific state and is thus considered to be a municipal security. The design of the various plans offers several options, age-based models, individual mutual funds, investment-tolerance models and target plans. In addition, some 529 plans have the standard mutual fund commission structure with up front charges while others have no up front charges but instead have back end fees for early withdrawals. Others offer...Read More