A new type of savings account has entered the conversation, and if you have young children, you need to know about it. Melissa Joy, CFP® sits down with Ann Garcia, CFP®, returning guest, college funding expert, and author of How to Pay for College, to break down the newly created Trump accounts. Also known as 530A accounts, these IRA-style vehicles are generating a lot of buzz, and Ann helps separate the hype from the reality so families can make smart decisions about whether and how to use them.

The conversation goes beyond the new accounts. Melissa and Ann also respond to a widely shared Wall Street Journal article about a financial planning expert who is skipping 529s for his own kids, and explain why that strategy works for a very small slice of the population but could leave most families short. They close with practical wisdom on how to talk to your kids about money at every age, and why starting simple is always better than waiting until you have the perfect lesson plan.

What You’ll Learn

• What Trump accounts (530A accounts) are and how they work
• How to open an account and claim the free government funding your child may be entitled to
• Why Trump accounts are generally not the best vehicle for college savings, and what to use instead
• How the kiddie tax affects withdrawals and why it matters for your planning
• The difference between how Trump accounts and 529s are treated on the FAFSA
• The Wall Street Journal article making the case to skip 529s, and why Ann and Melissa push back
• Why the 529 remains one of the most flexible and tax-efficient tools for college savings
• When and how to help your young adult children get their first Roth IRA open
• Why automating your financial life is the antidote to always being in triage mode

Connect with Ann Garcia, CFP®

Website: howtopayforcollege.com

Book: How to Pay for College

The Mather Group: themathergroup.com

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