Stranded college savings plan can soon be rescued. New law lets 529 dollars roll into retirement

Kids change their minds a lot, so it’s understandable parents might be nervous to lock away money in a college savings plan. After all, what if your child decides to skip college or drop out? That money could’ve been spent elsewhere. 

You can worry less now. That unused money earmarked for education can soon be rescued. 

“People with unused college savings will potentially be able to roll over those funds into retirement savings rather than having to withdraw them and incur tax penalties,” said Keith Namiot, chief operating officer with financial services provider Equitable Group Retirement.

Medora Lee | USA TODAY

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