GETTING THE MOST OUT OF A MARYLAND 529
FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS
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with Sandy Hornor | CEPS
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About This Episode
Maryland 529 plans offer tax advantages for families saving for education. Learn how these plans work and how they fit into college planning.
Full Description
Saving for college can feel overwhelming, especially as education costs continue to rise. Maryland families have access to a powerful tool that can help make this goal more manageable: the Maryland 529 college savings plan. Understanding how these plans work is an important step in building an effective education funding strategy.
In this episode of Healthy, Wealthy & Wise, Larry and Tyler discuss how Maryland 529 plans function and why they are commonly used for college savings. They explain the basic structure of a 529 plan, including how contributions grow over time and how funds can be used for qualified education expenses.
The conversation also highlights the specific benefits available to Maryland residents. State tax deductions, flexibility in contribution amounts, and control over the account all play a role in making Maryland 529 plans appealing for families at different stages of planning. Larry and Tyler also discuss how these plans can be coordinated with other education funding options.
Listeners will learn why it is important to align college savings with broader financial goals. Saving for education should not come at the expense of retirement planning or overall financial stability. This episode emphasizes the value of balance and thoughtful prioritization when planning for future expenses.
Rather than viewing a 529 plan as a standalone solution, Larry and Tyler encourage families to integrate college savings into a comprehensive financial plan. This approach helps ensure education goals are supported while maintaining long-term flexibility.
To learn more about education planning and savings strategies, visit BWFA’s Financial Planning Services.
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