FYI: Many families wait too long to open 529 college savings accounts, which means they miss out on the maximum benefits from the accounts, a new analysis finds.
On average, 529 accounts are opened for children who are just over 7 years old, the investment research company Morningstar found in its annual analysis of the state-sponsored plans.
That leaves only about a decade for families to save and for the earnings to compound, said Madeline Hume, lead research analyst for 529s at Morningstar. The company reviewed plans holding about 97 percent of 529 account assets.
Regards,
Ted
https://www.nytimes.com/2019/11/15/your-money/average-start-for-529-college-savings-age-7-is-costly-study-finds.html
