By MARGARET GILES of Morningstar

529 education savings plans are powerful tools to help pay for the mounting costs of an education. Yet some people hesitate to use them.

One common concern is oversaving. You can only use 529 funds can only cover qualified education expenses without incurring a tax penalty, but it can be hard to pinpoint how much money you actually need.

Many parents open 529s for their children at birth, when there’s no way to know whether their kids will earn a scholarship or go to college at all. Fortunately, parents with multiple children can change the beneficiary of a 529 plan.

But what do you do if you still have money left over after covering education expenses?

Thanks to Secure 2.0 Act, you can now roll over unused 529 fund to a Roth IRA. But the 529 rollover isn’t a loophole to save extra for retirement; rules limit the conversions.

Here’s what you should consider when converting 529 funds to a Roth IRA.

What are the rules for converting a 529 plan to a Roth IRA?

The Roth IRA receiving the funds must be in the name of the 529 plan beneficiary.

The 529 plan must be open for at least 15 years.

You cannot convert 529 contributions made within the past five years (or the earnings on those contributions).

The 529 funds you roll over count toward your IRA annual contribution limit.

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You can move a maximum of $35,000 from a 529 plan to a Roth IRA during your lifetime.

529 funds must be converted by paying the amount directly to a Roth IRA—you can’t pay yourself and then deposit the money into the Roth IRA later.

You can contribute to a Roth IRA only if you have earnings from a job, so the 529 beneficiary must have eligible earnings when the 529-to-IRA conversions occur.

Roth IRA income limits do not apply to 529 rollovers.

While avoiding the Roth IRA income limits is a retirement-saving perk for those with higher income, the remaining rules around rolling over excess 529 funds are designed to ensure that people use 529 plans for education as intended. The annual contribution limits and the lifetime cap on conversions mean that you can’t double up on your retirement funding.

So, what’s the bottom line?

The ability to convert unused 529 funds to a Roth IRA can ease potential concerns about oversaving for education. Still, don’t count on your 529 as a means to save for retirement. Instead, consider funding your Roth IRA separately.

529 rollovers into ABLE accounts

Families with a child with disabilities can roll their 529 account over into an ABLE account, a tax-favored way to save for the needs of a person with a disability while maintaining eligibility for government assistance. It uses the same legal framework as 529 plans, and it works similarly. Contributions are made with aftertax dollars to a plan with a set menu of investment choices. Earnings compound tax-free, and withdrawals to pay for qualified expenses are tax-free, too.

You can transfer funds from a 529 plan to an ABLE account, up to the ABLE annual contribution limit of $19,000, without incurring tax penalties. The ABLE account must have the same designated beneficiary as the 529.

ABLE account eligibility is limited to individuals with significant disabilities, the onset of which occurred before they turned 46. ABLE accounts have a broader set of qualified expenses including education, housing, health care, employment training and support, and legal fees.

Individuals’ needs and circumstances change throughout their lifetimes, often in ways we can’t anticipate. The ABLE account rollover provides families with additional flexibility if a 529 account beneficiary is diagnosed with a disability or becomes disabled because of accident or injury.

This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Margaret Giles is a senior editor of content development for Morningstar.

By JAMEY KEATEN, STEFANIE DAZIO and JOHN LEICESTER, Associated Press

CRANS-MONTANA, Switzerland (AP) — Swiss investigators believe sparkling flares atop Champagne bottles started a fire in a bar at an Alpine ski resort that left 40 people dead and another 119 injured during a New Year’s celebration.

Most injuries, many of them serious, occurred when the blaze swept through the crowded bar in southwestern Switzerland in the early hours of Thursday.

The Crans-Montana resort is best known as an international ski and golf venue. Overnight, the Le Constellation bar morphed from a scene of revelry into the site of one of Switzerland’s worst tragedies.

The interior building where a fire broke out leaving people dead and injured, during New Year’s celebration, in Crans-Montana, Swiss Alps, Switzerland, Thursday, Jan. 1, 2026. (Police Cantonale Valaisanne via AP)

Here’s what we know:

A frantic attempt to escape

The blaze broke out around 1:30 a.m. Thursday during a holiday celebration inside the Le Constellation bar.

Two women told French broadcaster BFMTV they were inside when they saw a male bartender lifting a female colleague on his shoulders as she held a lit candle in a bottle. The flames spread, collapsing the wooden ceiling, they told the broadcaster.

Police officers inspect the area where a fire broke out at the Le Constellation bar and lounge leaving people dead and injured, during New Year’s celebration, in Crans-Montana, Swiss Alps, Switzerland, Thursday, Jan. 1, 2026. (Jean-Christophe Bott/Keystone via AP)

People tried to escape from a nightclub area in the basement, up a flight of stairs and through a narrow door, causing a crowd surge, one of the women said.

A young man at the scene said people smashed windows to escape the fire, reported BFMTV. He said he saw about 20 people scrambling to get out of the smoke and flames.

Gianni Campolo, a Swiss 19-year-old who was in Crans-Montana on vacation, rushed to help first responders after receiving a call from a friend who escaped the inferno. He described a scene of people trapped on the ground, severely injured and burned.

“I have seen horror and I don’t know what else would be worse than this,” Campolo told TF1.

Blaze triggered flashover

Swiss officials described the blaze as a likely flashover, meaning that it triggered the release of combustible gases that can then ignite violently.

The injured suffered from serious burns and smoke inhalation. Some were flown to specialist hospitals across the country.

Authorities urged people to show caution in the coming days to avoid any incidents that could require the already overwhelmed medical resources.

Italian and French nationals among the missing

The severity of the burns has made it very difficult to identify bodies, bringing fresh agony for families who now must hand over DNA samples to authorities. In some cases, wallets and any ID documents inside turned to ash in the flames.

Rescuers in the area where a fire broke out leaving people dead and injured, during New Year’s celebration, in Crans-Montana, Swiss Alps, Switzerland, Thursday, Jan. 1, 2026. (Police Cantonale Valaisanne via AP)

Emanuele Galeppini, a promising 17-year-old Italian golfer who competed internationally, is officially listed as one of Italy’s missing nationals. His uncle Sebastiano Galeppini told Italian news agency ANSA that their family is awaiting the DNA checks, though the Italian Golf Federation on its website announced that he had died.

Italy’s foreign minister, Antonio Tajani, said that 13 Italian citizens were injured and six remained missing by midday Friday. Galeppini’s name was on the missing persons list.

France’s foreign ministry said eight French people are missing and another nine are among the injured. Top-flight French soccer team FC Metz said one of its trainee players, 19-year-old Tahirys Dos Santos, was badly burned and has been transferred by plane to Germany for treatment.

On Instagram, an account filled up with photos of people who remained unaccounted for, with their friends and relatives begging for tips about the whereabouts of the missing.

The injured include 71 Swiss nationals, 14 French and 11 Italians, along with citizens of Serbia, Bosnia-Herzegovina, Luxembourg, Belgium, Portugal and Poland, Valais Canton police commander Frédéric Gisler said Friday. The nationalities of 14 people remain unclear.

Nearby hospital quickly reached capacity

The nearby regional hospital in Sion took in a flood of victims from the fire. Its general director, Eric Bonvin, recounted how staff scrambled to determine the extent of people’s injuries.

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The hospital — in the heart of the Alps and no stranger to winter sports accidents — was well staffed for the end of the year, when crowds flock to the mountains. On top of that, many colleagues who had not been scheduled to work rushed in to lend a hand.

Still the hospital, which is about 6 miles from the resort by air, quickly hit full capacity, authorities said, taking in about 80 seriously injured people in just three hours.

As of Friday, the hospital still had about 30 seriously injured patients in its care.

A top venue for the world’s best athletes

With high-altitude ski runs rising nearly 9,850 feet in the heart of the Valais region’s snowy peaks and pine forests, Crans-Montana is one of the top venues on the World Cup circuit.

The resort will host the best men’s and women’s downhill racers, including Lindsey Vonn, for their final events before the Milan Cortina Olympics in February.

The town’s Crans-sur-Sierre golf club, down the street from the bar, stages the European Masters each August on a picturesque course.

Dazio reported from Berlin and Leicester reported from Sion, Switzerland. Geir Moulson in Berlin, Graham Dunbar in Geneva and Nicole Winfield in Rome contributed to this report.

By REGINA GARCIA CANO, Associated Press

CARACAS, Venezuela (AP) — Venezuela is open to negotiating an agreement with the United States to combat drug trafficking, the South American country’s President Nicolás Maduro said in a pretaped interview aired Thursday on state television, but he declined to comment on a CIA-led strike last week at a Venezuelan docking area that the Trump administration believed was used by cartels.

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About 40 people dead and 115 injured in fire at Swiss Alpine bar during New Year’s celebration

Maduro, in an interview with Spanish journalist Ignacio Ramonet, reiterated that the U.S. wants to force a government change in Venezuela and gain access to its vast oil reserves through the monthslong pressure campaign that began with a massive military deployment to the Caribbean Sea in August.

“What are they seeking? It is clear that they seek to impose themselves through threats, intimidation and force,” Maduro said, later adding that it is time for both nations to “start talking seriously, with data in hand.”

“The U.S. government knows, because we’ve told many of their spokespeople, that if they want to seriously discuss an agreement to combat drug trafficking, we’re ready,” he said. “If they want oil, Venezuela is ready for U.S. investment, like with Chevron, whenever they want it, wherever they want it and however they want it.”

Chevron Corp. is the only major oil company exporting Venezuelan crude to the U.S. Venezuela has the world’s largest proven oil reserves.

The interview was taped on New Year’s Eve, the same day the U.S. military announced strikes against five alleged drug-smuggling boats. The latest attacks bring the total number of known boat strikes to 35 and the number of people killed to at least 115, according to numbers announced by the Trump administration. Venezuelans are among the victims.

President Donald Trump has justified the attacks as a necessary escalation to stem the flow of drugs into the United States and asserted that the U.S. is engaged in an “armed conflict” with drug cartels. The strikes began off Venezuela’s Caribbean coast and later expanded to the eastern Pacific Ocean.

Meanwhile, the CIA was behind a drone strike last week at a docking area believed to have been used by Venezuelan drug cartels, according to two people familiar with details of the operation who requested anonymity to discuss the classified matter. It was the first known direct operation on Venezuelan soil since the boat strikes began, a significant escalation in the administration’s pressure campaign on Maduro, who has been charged with narco-terrorism in the U.S.

Asked about the operation on Venezuelan soil, Maduro said he could “talk about it in a few days.”

Associated Press writer Aamer Madhani contributed to this report from Washington.

By WILL WEISSERT, Associated Press

WEST PALM BEACH, Fla. (AP) — President Donald Trump has spent much of his two-week vacation in Florida golfing. But when he gets back to the White House, there’s a military golf course that he’s never played that he’s eyeing for a major construction project.

Long a favored getaway for presidents seeking a few hours’ solace from the stress of running the free world, the Courses at Andrews — inside the secure confines of Joint Base Andrews in Maryland, about 15 miles from the White House — are known as the “president’s golf course.” Gerald Ford, Ronald Reagan, George H.W. Bush, Bill Clinton, George W. Bush and Joe Biden have spent time there, and Barack Obama played it more frequently than any president, roughly 110 times in eight years.

FILE – President George H.W. Bush talks with tennis star Andre Agassi, left, and actor Kevin Costner, right, while playing the 18th hole at Andrews Air Force Base, Md., July 28, 1991. (AP Photo/Doug Mills, File)

Trump has always preferred the golf courses his family owns — spending about one of every four days of his second term at one of them. But he’s now enlisted golf champion Jack Nicklaus as the architect to overhaul the Courses at Andrews.

“It’s amazing that an individual has time to take a couple hours away from the world crises. And they’re people like everybody else,” said Michael Thomas, the former general manager of the course, who has golfed with many of the presidents visiting Andrews over the years.

Andrews, better known as the home of Air Force One, has two 18-hole courses and a 9-hole one. Its facilities have undergone renovations in the past, including in 2018, when Congress approved funding to replace aging presidential aircraft and to build a new hanger and support facilities. That project was close enough to the courses that they had to be altered then, too.

Trump toured the base by helicopter before Thanksgiving with Nicklaus, who has designed top courses the world over. The president called Andrews “a great place, that’s been destroyed over the years, through lack of maintenance.”

Other golfers, though, describe Andrews’ grounds as in good shape, despite some dry patches. Online reviews praise the course’s mature trees, tricky roughs, and ponds and streams that serve as water hazards. The courses are mostly flat, but afford views of the surrounding base.

‘They all like to drive the cart’

The first president to golf at Andrews was Ford in 1974. Thomas began working there a couple years later, and was general manager from 1981 until he retired in 2019.

Michael Thomas, the former manager of the Courses at Andrews at Joint Base Andrews, stands with footballs autographed by several former presidents, Friday, Dec. 19, 2025, in Lothian, Md. (AP Photo/Mark Schiefelbein)

He said the Secret Service over the years used as many as 28 golf carts — as well as the president’s usual 30-car motorcade — to keep the perimeter secure.

“It’s a Cecil B. DeMille production every time,” said Thomas, who had the opportunity to play rounds with four different presidents, and with Biden when he was vice president.

He said the commanders in chief generally enjoyed their time out on the course in their own unique ways, but “they all like to drive the cart because they never get an opportunity to drive.”

“It’s like getting your driver’s license all over again,” Thomas laughed.

FILE – President Barack Obama, right, talks with former President Bill Clinton while playing a round of golf at Andrews Air Force Base Sept. 24, 2011, at Andrews Air Force Base, Md. (AP Photo/Evan Vucci, File)

Trump golfs most weekends, and as of Jan. 1, has spent an estimated 92 days of his second term doing so, according to an Associated Press analysis of his schedules.

That tally includes days when Trump was playing courses his family owns in Virginia, around 30 miles (48 kilometers) from the White House, and near his Florida estate Mar-a-Lago, where he’s spending the winter holidays. It also includes 10 days Trump spent staying at his golf club in Bedminster, New Jersey, where his schedule allowed time for rounds of golf.

Trump has visited Andrews in the past, but the White House and base have no record of him playing the courses.

Another of Trump construction projects

Andrews’ military history dates to the Civil War, when Union troops used a church near Camp Springs, Maryland, as sleeping quarters. Its golf course opened in 1960.

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The White House said the renovation will be the most significant in the history of Andrews. The courses and clubhouse need improvements due to age and wear, it said, and there are discussions about including a multifunctional event center as part of the project.

“President Trump is a champion-level golfer with an extraordinary eye for detail and design,” White House spokesman Davis Ingle said in a statement. “His vision to renovate and beautify Joint Base Andrews’ golf courses will bring much-needed improvements that servicemembers and their families will be able to enjoy for generations to come.”

Plans are in the very early stages, and the cost of — and funding for — the project haven’t been determined, the White House said. Trump has said only that it will require “very little money.”

The Andrews improvements join a bevy of Trump construction projects, including demolishing the White House’s East Wing for a sprawling ballroom now expected to cost $400 million, redoing the bathroom attached to the Lincoln bedroom and replacing the Rose Garden’s lawn with a Mar-a-Lago-like patio area.

Outside the White House, Trump has led building projects at the Kennedy Center and wants to erect a Paris-style arch near the Lincoln Memorial, and has said he wants to rebuild Dulles International Airport in northern Virginia.

On Wednesday, meanwhile, the Trump administration ended a lease agreement with a non-profit for three public golf courses in Washington — which could allow the president to further shape golfing in the nation’s capital. The White House, however, said that move isn’t related to the plans for Andrews.

Presidential perks of golfing at Andrews

When the president is golfing, Andrews officials block off nine holes at a time so no one plays in front of him, allowing for extra security while also ensuring consistent speed-of-play, Thomas said.

That’s relatively easily done given that the courses aren’t open to the public. They’re usually reserved for active or retired members of the military and their families, as well as some Defense Department-linked federal employees.

Thomas remembers playing a round with the older President Bush, a World Golf Hall of Fame inductee known for fast play, while first lady Barbara Bush walked with Millie, the first couple’s English Springer Spaniel. George W. Bush also played fast, Thomas said, and got additional exercise by frequently riding his mountain bike before golfing.

When he wasn’t golfing at Andrews, Obama tried to recreate at least part of the experience back home. He had a White House golf simulator installed after then-first lady Michelle Obama asked Thomas how they might acquire a model that the president had seen advertised on the Golf Channel. Thomas gave her a contact at the network.

Obama famously cut short a round at Andrews after nine holes in 2011 to hustle back to the White House for what turned out to be a top-secret review of final preparations for a Navy Seal raid on the compound of Osama Bin Laden.

But, while Thomas was golfing with presidents, he said he never witnessed play interrupted by an important call or any major emergency that forced them off the course mid-hole. There also were never any rain-outs.

“If there was rain coming, they’d get the weather forecast before we would,” Thomas said. “They would cancel quick on that.”