529 college savings plan and military service

I'm considering joining the military after high school, but my parents have a 529 college savings plan set up for me. Does anyone know how this might be affected if I go the military route after graduation?

Your decision to join the military after high school shouldn't affect the 529 plan your parents have set up for you. The money in a 529 plan is post-tax dollars and is designed for education expenses, but it's important to know that it doesn't have to be strictly for traditional college expenses. If you do decide to pursue some form of education while in the military or afterwards, the funds from the 529 plan can be used for that. This could include trade or vocational schools, community colleges, or a traditional four-year university later on, even post-military service.If you decide not to use the money for education at all, your family still has options. Your parents can change the beneficiary of the plan to another family member who plans to attend college, such as a sibling or cousin. But if the funds were to be withdrawn for non-qualified expenses, the earnings (not the original contributions) would be subject to income tax and a10% penalty.

So whether you join the military or not, the 529 plan could still play a beneficial part either in the education aspect of your military journey or be redirected towards another family member's education. No matter what direction you choose, rest assured the money set aside for you will be put to good educational use!