ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 174: Using a 529 to Supercharge Your Retirement

529 plans are typically thought of as college expense accounts. And of course, they are first and foremost, but over the years we have gradually seen the flexibility and use of 529s expand. Whether that’s using them for K-12 private schools, opening an account early in the parent’s name in anticipation of the possibility of a future child, or even strategic changes to the beneficiaries of the account. But using it for retirement has never been an option… until now.

On today’s episode, we’ll start by discussing the Beneficial Ownership Information Report that is likely required to be filed if you have a business open and then we’ll transition into the updates to the 529 plan and how to utilize it for your benefit.


Topics Discussed:   
  • What a 529 plan is and how their use has been changing over the last few years.
  • The new federal reporting requirement and who it affects.
  • What to do if you’re not sure whether you should file.
  • What contributions and penalties apply.
  • Limitations of the 529 plan and the question marks involved.
  • The best ways to use a 529 plan as an ER doc (even if you don't have children yet).
  • How transfers work and what you should monitor.

Resources Mentioned:


529 plan, retirement planning, financial planning, Beneficial Ownership Information Report,required filings, business owner, LLC, ER docs, emergency doctors

Scott Wisniewski, EA