Your child comes to you and may say they want to be a nurse, and engineer, a doctor a veterinarian. They could also want to go into technical field like auto mechanics, HVAC, or Radiology.
Although most children have no idea what they want to do when grown up, some do start thinking about such things at a young age. If your child can think about their future education so should you. It’s critical for young parents to SAVE for college early. The earlier the better!
College 529 Savings Plans are a great way to save for college. You can invest directly into your states 529 Savings plan. Savings can be used to pay for accredited university or private college. Vocational schools and some abroad colleges also qualify.
You simply, designate a beneficiary, your child, a grandchild, a nice or nephew, a step child. They offer federal tax free earnings for qualified withdrawals, such as higher education expenses. You can use funds to pay for books, tuition, room and board. You can also pay for education for some abroad colleges.
Other savings advantages: tax deferred accumulation and estate tax reductions. It offers special gift tax treatment. A parent, grandparent, or uncle/aunt can contribute up to $15,000 into child’s 529 Plan without incurring a gift tax. In some states like NM , parents can deduct contributions, dollar per dollar off their state taxable income.
Finally, 529 College Plans have low fees, you choose your contributions and varying investment options. Don’t rely on Loans or Financial Aid, Save for Your Child’s Education Now!