The start of the school year may have looked a little different this year, but one thing is clear, us parents need to financially plan for our kids’ future. The reality is, many of us may not know all the options available to start planning ahead. That’s why I’ve teamed up with Ohio’s 529 to show parents how their college savings can grow over time with an Ohio 529 account.
So what is the 529 plan? The 529 plan was created to encourage American families to save for higher education, providing a tax-advantaged way to save.
Here are a few benefits of the 529 Plan:
- Families in any state can benefit from Ohio’s 529 College Savings Plan. You’re not required to live in Ohio and your student isn’t required to attend school in Ohio.
- Your account grows tax-free and qualified withdrawals are free from federal and state income tax.
- Use at thousands of colleges nationwide, including 2-year, 4-year, graduate, and technical schools.
- No matter what your annual income is, you can invest in Ohio’s 529 plan.
- Most plans allow contributions for a beneficiary of any age. Ohio’s 529 has no age restrictions.
I’ll be honest, I didn’t know where to start but with the I was able to determine my college savings goals for Pauly, Bryce and Codi. It provided my projected costs and an estimate for what I would need to save monthly to meet my objectives. You can do the same for your child! This was probably the most helpful tool to realistically put our investment and goals into perspective.
If you think you still have time… I’d advise you to use the to see how much MORE you will need to save the longer you wait.
Does that convince you to start investing? Whether it’s $25 or $250 it’s never too late or too early to start saving for your child’s future college costs. Did I mention people can give you contributions? Yes that’s right, tired of toys and meaningless presents on holidays? Start requesting contributions in lieu of physical gifts. It’s genius!
There’s no time like the present. When you’re thinking about saving for college, think of Ohio’s 529 Plan. Whether you’re a parent opening an account or grandparents who want to contribute to their grandkids’ future, Ohio’s 529 Plan is the smart way to start planning for tomorrow – while seeing benefits today.
For more information or to sign up, click here: https://www.collegeadvantage.com
*This is a sponsored blog post through a partnership with CollegeAdvantage, however the opinions are my own.