Investing in a 529 College Savings Plan is More Important
Santa Fe, NM, Jan. 12, 2022 (GLOBE NEWSWIRE) — With skyrocketing tuition prices and inflation creeping up, saving money for college has become increasingly important over the years. According to the United States Bureau of Labor Statistics, tuition in the US has risen 54 percent within the last 20 years. As 2022 begins, consider investing in a 529 plan. The Education Plan® 529 college savings plan can help alleviate those rising education costs and have a lasting positive impact on the lives of your loved ones.
The Education Plan® can be used to fund any loved ones’ future education expenses even your own. Funds saved in a 529 plan can be used to pay for tuition and a variety of qualified education expenses, such as room and board, books, and a laptop at community colleges, public and private universities and trade and professional schools.
“A 529 savings plan is a terrific option for families concerned about rising tuition costs,” said Carolyn Fittipaldi, Acting Executive Director, Education Trust Board of New Mexico, the agency that administers The Education Plan®. “Putting away money now to prepare for the future is one of the best decisions anyone can make for their education or the education of a loved one. Investing money today ensures you’ll have even more money tomorrow, and as we enter a new year, it’s the perfect time to think about the future.”
A major advantage of investing in a 529 plan is its potential for tax-free compounded growth. And the money is tax-free when used to pay for qualified education expenses. Many states also offer a tax deduction on state income tax for funds invested in a 529 college savings plan. While investing more money into the plan allows for more long-term growth, The Education Plan® can be started for as little as $1, and there is no limit to how much someone can contribute.
“The Education Plan® is a versatile option that can help all families plan for not only the year ahead, but also the years to come,” added Fittipaldi.
To learn more about the Education Plan®, visit TheEducationPlan.com or call 1(877) 337-5268.