No Kids Yet? You Can Still Set up a 529 Plan
I came across a great blog post today at InterestingMoney.com called “5 Reasons Why You Should Open A 529 Account Right Now.”
No, it’s not about setting up an account for your kid. It points out that you can set up a 529 plan even before having children. Just make yourself (or spouse) the beneficiary. You can use it to pay for your continuing education expenses, or just transfer it to your child after they are born (or any time thereafter).
This makes great sense, especially if you are in a state that offers upfront tax benefits for investing. Why wait until your kid is born to start taking advantage of these benefits?