Best and Worst 529 Plans - UPDATED with Alternatives to 529's

[KelNottAt]

Saw this this morning and thought it was worth sharing. http://news.morningstar.com/articlenet/article.aspx?id=234422

It's nice to Maryland's is one of the best. We currently have money in Wisconsin (through a prior advisor) and Rhode Island (through my work) and someplace else (as a gift from my GMom). We'll be consolidating all to Maryland this year.

UPDATE - Just came across this article, which lists alternatives to 529 Plans: http://news.morningstar.com/articlenet/article.aspx?id=227414

 

[NY Disney fan]

Yikes, I'm in one of the worse ones...what do I do?

 

[bnorm27]

You can roll over a 529 plan into a new 529 plan. One of my kids is in the best plan (Bright Start, Illinois), while my other is in Upromise, but through Nevada, not through New York. I think I may have to put them both in the Bright Start plan.

Smith Barney is the firm that set me up with Bright Start, so you may wish to contact them in your area if your broker cannot do it for you.

 

[HM]

It would have been nice to have them list a greater set of funds.
Ours doesn't show up on either list. It would be nice to know if it's closer to the top or the bottom.

 

[KelNottAt]

It would have been nice to have them list a greater set of funds.
Ours doesn't show up on either list. It would be nice to know if it's closer to the top or the bottom.

There was link to all the plans, but it was kinda hidden at the bottom. Here ya go: http://www.morningstar.com/529/529Table.html

 

[minniebeth]

Not looking good for Ohio

 

[LoveBWVVBR]

I'm astonished that they left the Utah 529 plan off of the list. This is consistently ranked as the best 529 by the money magazines. It's rock-bottom fund fees (Vanguard) and great fund mixes make it a great plan.

 

[holbear]

I'm very glad to see Virginia CollegeAmerica plan is on the list of good ones!

 

[Toby'sFriend]

yeah, I'm surprised to see Utah left off also as that is the one that traditionally heavily touted in the "best" category. They do talk about it in the article, but it isn't on their list.

When Illinois switched to Oppenheimer last summer they improved their funds enormously, plus drastically reduced fund fees. PLUS, as an Illinois Resident we get a State Income tax deduction which makes it a no brainer for us.

 

[twinsr241]

For those of you in the Ohio plan -- it doesn't say anything about the Vanguard options being bad. If you currently have accounts in Ohio with College Advantage you may want to redirect future contributions to the Vanguard funds instead of Putnam.
Hope that eases your mind a bit.

 

[ntink]

I'm very glad to see Virginia CollegeAmerica plan is on the list of good ones!

Me too!!

 

[mominwestlake]

Yes, Vanguard is always ranked high if you read Kiplingers, Money, etc. Plus, it is good to invest in your state's plan if you can write off some of the contribution on your state taxes ( you can in Ohio).

 

[tar heel]

Utah is where ours is!

 

[KelNottAt]

Just updated post #1 with this article about alternatives to 529's: http://news.morningstar.com/articlenet/article.aspx?id=227414