Andrew Young

529 to Roth IRA Rollover – A New Feature in 2024

Investing in a 529

There were many changes to investing laws in the omnibus spending bill passed on December 29, 2022, that included the Secure Act 2.0.  One of the most significant changes to educational investment accounts was passed for 529 accounts. Starting in 2024, account holders who have had a 529 with leftover or unused funds can roll over funds from their 529 to a Roth IRA.

High Yield Savings Accounts & Money Markets – Free Money

One thing I’ve been talking about with clients more this year, especially as the year has progressed and interest rates have increased, is high-yield savings accounts.  These are savings or money market accounts that are offered by (usually) online banks. However, your Whitaker-Myers Wealth Managers Financial Advisor can help you if you want to consider the Schwab Money Market Fund, which has a current yield of 3.74% as of 11/22/2022.

2022 Student Debt Relief

On Wednesday, August 24, 2022, President Biden announced changes to student loan debt relief.  The biggest item of note was up to $20,000 of student loan forgiveness on federal student loans to current borrowers.  Also announced was the continued delayed payment and 0% interest rate of student loans for one “final” time from December 31, 2022, until January 2023.  For the payment delay, there are no steps needed to take for this; it will automatically occur.