Time – Dan Kadlec
“When Nick and Tara Poto arrived home with their newborn three years ago, the Glen Rock, N.J., couple promptly opened a 529 college-savings plan. Then they checked with their accountant, who asked that they think twice before contributing another dime. “He convinced us we should be thinking future forward,” says Tara, a social-media and marketing executive. “We don’t know what college will look like in 15 years. Maybe there is a better way to save.” Over the past two decades, the 529 has been the most popular way to save for college, with a record $258 billion now in more than 12 million accounts. Contributions grow tax-free and may reduce your state income tax. But upheaval in higher education, combined with the rigidity of the 529, has led some parents and advisers to consider other options. “These are no longer a no-brainer,” says Wes Brown, a wealth adviser at Rather & Kittrell in Knoxville, Tenn.”(more)