*This article was written on behalf of ACPE. All opinions are 100% mine.
While toys can break and electronics are usually outdated not long after purchase, why not gift something that will last a lifetime? Give the gift of future with a 529 college savings plan.
DOWNLOAD the FREE COLLEGE SAVINGS PLANNER HERE
With a family of five, we have given quite a few gifts over the years. Every gift we have given has inevitably been broken, lost or outgrown. As a parent, you want to give gifts that your children will love and appreciate. As the CEO of your family finances, you want to give your children something that will last longer than the latest fad. It’s not easy coming up with something that meets both of these requirements.
In the past, when our kids were much younger, we didn’t have any extra money to put aside for college. When it came time for gift giving, we only had enough to give them a good birthday or Christmas {and no, they did not get all the high dollar tech toys.}. I always wanted to, but it seemed like we were always ‘just getting by’ and living ‘paycheck to paycheck’.
Now that they are older, three already out of high school, a senior and a 7th-grader, things are going well for us and I’d love to be able to start a plan for our youngest. Plus, we now have two granddaughters, ages 3 & 4, so it’s a really great time to start saving for them as well.
There are many ways to save for college, but a 529 college savings plan has several benefits.
Here are the facts:
- Like donating to a charity, contributions to a 529 college savings plan are tax deductible with both federal and state
- Tax deductions for Arizona taxpayers contributing to a 529 plan up to $4,000 for married tax filers and $2,000 for single
- Contributions to accounts grow on a tax-deferred basis
- Assets are not considered when determining Arizona financial aid awards
- Savings can be used at all U.S. DOE accredited universities, colleges, private colleges, and vocational schools in the U.S., as well as eligible foreign institutions
- Allows for anyone to make contributions {think parents, grandparents, aunts, uncles, friends}
- Ability to begin saving with as little as $15 a month, although each plan provider may differ
Did you know that children with any college savings are six times more likely to attend a four-year college than children with no dedicated college savings account? And, while the majority of parents believe college is an investment in their child’s future, only one-third actually have a plan to pay for higher education.
DOWNLOAD the FREE COLLEGE SAVINGS PLANNER HERE
The ACPE {Arizona Commission for Postsecondary Education} has three financial partners they work with to promote enrollment and contribution to the 529 plan.
Their three partners are Waddell & Reed (Ivy Funds), Fidelity, and College Savings Bank. To open an account, stop by your local Waddell & Reed, or, go online to visit Fidelity or College Savings Bank for online enrollment.
Taking all of this information into consideration, it makes so much sense to start saving now for your child/grandchild’s future.
DOWNLOAD the FREE COLLEGE SAVINGS PLANNER HERE
Be sure to visit the ACPE Facebook page for more valuable information
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