529 plans are one of the most popular ways for families to save for education—but many parents still have questions about how much to contribute and what those funds can actually be used for.

In this episode of the White Coat Investor Podcast, Dr. Jim Dahle answers several listener questions about 529 education savings plans, including how much parents might consider saving for a newborn child and how to think about long-term education funding goals.

We also discuss the concept of "Trump accounts" (530A accounts) and what these proposed or new account types are intended to do.

Finally, we explore whether 529 funds can be used for continuing education expenses such as CME, and how the rules around qualified education expenses actually work.

Understanding the details of education savings accounts can help physicians and other high-income professionals plan more effectively for their children's education while staying tax-efficient.

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The White Coat Investor Podcast launched in January 2017, and since then, millions have downloaded it. Join your fellow physicians and other high income professionals and subscribe today! Host, Dr. Jim Dahle, is a practicing emergency physician and founder of The White Coat Investor blog. Like the blog, The White Coat Investor Podcast is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor-or at least know enough to not get ripped off by a financial advisor. We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles.

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00:00 WCI Podcast #463
05:10 How Much Should You Put in a 529 for a Newborn?
35:22 What Are 530A "Trump Accounts"?
57:05 Can You Use a 529 for CME or Continuing Education?

WCI #463: 529 Plans: How Much to Save and What They Can Be Used For

White Coat Investor Podcast