It’s crazy to think that in a few days, our son Bryon Jr. will be graduating from high school. It’s even crazier to think in the fall, I’ll have both a college freshman and a kindergartener. As I reflect on how fast the next 12 years will go I want to make sure my kids are prepared with a college savings plan.
If you know anything about my son soon to be Kindergartner Bryce, you know he loves to play in costumes. It’s usually superheroes, but today he’s dressed up as a doctor. When I asked why he wanted to be a doctor, he told me he wants to help take care of people.
My heart melted!
If that’s his dream, I want to make sure I do whatever I can to support him. More importantly knowing the cost of education to support that dream, I need to start saving NOW! That’s why we chose the Ohio 529 Plan, a plan providing a tax-advantaged way for American families to save for higher education.
So what is the 529 plan? (Fun fact: You can take this quiz to learn more!) The 529 plan was created to encourage American families to save for higher education, providing a tax-advantaged way to save.
As we gear up for 529 Day on 5/29, 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 College Savings Planner I was able to determine my college savings goals for not just Bryce but Pauly and Codi Lynn as well. 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.
Our kids are ambitious, they dream BIG! Trust me, the time is going to fly! It’s never too late or too early to start saving for your child’s future college costs.… let’s agree to help them achieve their dreams by investing in their future TODAY!
For more information or to sign up, click here: https://www.collegeadvantage.com
*This post is sponsored through a partnership with CollegeAdvantage however all opinions are my own.