time in 2 years.? I am currently attending Community College part-time taking the prerequesites to attend nursing school in about two years. I have been in the work force for about 15 years and I'm ready to do something more rewarding.
My wife and I are pretty much debt-free except the house and would like to stay that way. Attending school full time for two years will be difficult to do without debt. In order to prepare, I thought about opening a 529 in my name and putting away as much money as possible over the next two years. Can a 40-year old open a 529 plan and sock away money for school two years later? Is my assumption correct that I will be getting a tax break on this money and that it will grow tax-free as well? Do you have any other thoughts or advice? I live in Texas if that makes a difference.
Does money in a 529 have to remain there for a certain length of time before you can use it?
Thanks for your help!
My wife and I are pretty much debt-free except the house and would like to stay that way. Attending school full time for two years will be difficult to do without debt. In order to prepare, I thought about opening a 529 in my name and putting away as much money as possible over the next two years. Can a 40-year old open a 529 plan and sock away money for school two years later? Is my assumption correct that I will be getting a tax break on this money and that it will grow tax-free as well? Do you have any other thoughts or advice? I live in Texas if that makes a difference.
Does money in a 529 have to remain there for a certain length of time before you can use it?
Thanks for your help!