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Why Now May Be The Time To Switch 529 College Saving Accounts.

Posted on | August 29, 2009 |

According to SmartMoney Magazine, a recent survey found that 90% of parents are worried about affording to send junior to college. It’s not surprising since increasing college costs are one of the few constants in the universe - even in times where people are seeing their paychecks slashed and asset values diminish.

Returns for Average, best and worst 529 plans for 2008.

Returns for Average, best and worst 529 plans for 2008.

To make matters even worse, a recent report by Morningstar found that the average 529 college savings account lost 22.4% in 2008.

If there is a silver lining in all of this, it may be that a recent change to the tax code allows parents to adjust their 529 asset allocations twice in 2009.

Normally, 529 account holders can only change their allocations once per calendar year. This would mean that anyone who was playing games with weighting or trying to time the market - say, keeping heavy stock allocations in an attempt to play catch-up - would get stuck holding the bag, can instead re-adjust their allocations to a more balanced approach before the year’s end.

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