saving

U.S. Savings Rate: Better than we thought (but not good enough)

Quick: What is America’s national savings rate?  If you guessed less than 5%, you’d be close, but the scarier figure reported by the U.S. government’s Bureau of Economic Analysis (BEA) this year was just over 2%. This precipitous decline in savings by Americans has been the source of a lot of hand-wringing especially when compared to their […]

education books

529 Plan – What are Qualified Expenses?

The main tax advantage of a 529 Plan (in a state-sponsored college savings plan) is that distributions for qualified expenses are tax-free. In other words, contributions grow tax-free and earnings won’t be taxed when withdrawn for QUALIFIED EXPENSES.  In certain states, you may also benefit from a State tax deduction when contributing to a 529 Plan, unfortunately[…..]