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Beware of College Savings Plans Pitfalls

Most financial planners recommend a 529 college savings plan as an extremely effective way to pay for college expenses.  Our next guest agrees, however he says that you do need to be aware that there can be some pitfalls, specifically when you are taking distributions.

Mike Switzer interviews Tom Dowling, a certified financial planner with Aegis Capital in Hilton Head, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.