Your Child Picked a College! Tee Up Your 529 Plan

This month kicked off with college decision day, the May 1 deadline for many high-school seniors to pick a school. It should also prompt parents to plan withdrawals from so-called 529 college-savings plans.    

“There’s so much focus on putting dollars into 529 plans that people forget about taking the money out—and parents procrastinate because they’re busy,” says Mary Morris, chief executive of Virginia529, which recently held $86 billion for savers.