College Savings 529 Plan
A college education can be one of the most important ingredients for a successful life. Being able to afford college while staying in control of your assets may be one of your most important goals.
Unlike other college savings plans, a 529 Plan remains in your name. If the beneficiary does not use the assets for education, those assets are yours to use subject to federal income taxes and a 10% federal penalty tax. Any earnings on a 529 Plan account are tax deferred, which may help make the most of your investment.
Some of the highlights of a 529 Plan include:
- Name any beneficiary
- Customize your investment strategy
- Invest in Age-Based Portfolios
- Payroll deduct dollar cost averaging may help lower average unit price
- Withdraw assets federal income tax free for qualified higher education expenses
- Use the money at most accredited colleges and universities nationwide
- May help with a more favorable federal financial aid decision compared to some other investment options
- Change beneficiary for unused assets
529 Plan - Understanding the Cost of Waiting
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