A lot of families don’t start thinking seriously about college funding until their kids are already in middle or high school — and that’s often because they were doing the right things first: paying off debt, building emergency savings, and getting their retirement plan on track.

In this episode, we answer Liam’s question about whether a 529 plan still makes sense when kids are 12 and 15 — and what other options might actually provide more flexibility when time is limited.

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The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult with your attorney, accountant, and financial or tax advisor prior to investing.

Premier Investments & Wealth Management and LPL Financial do not provide tax advice, please consult your tax professional.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 1/2 may result in a 10% IRS penalty tax in addition to current income tax.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program.

Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

All performance referenced All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly.

Dollar cost averaging involves continuous investment in securities regardless of fluctuations in price levels. Investors should consider their ability to continue purchasing through periods of low price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.

There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.