National 529 Day! So What Is A 529 Plan?

With nearly 70% of Americans unsure of what a 529 plan is, Thursday, May 29 is National 529 Day (or more officially “National 529 College Savings Plan Day”), serving to raise awareness to the benefits of a 529 investment plan.

Essentially, it is a college tuition plan for your children that is tax-free both on savings and investments, as long as it is used for qualified expenses and does not have income limitations on contributors. With all 50 states and the District of Columbia offering at least one 529 plan, many states offer a tax deduction to those who use their state’s plan. And this Thursday, many states are having promotional contests, including Maryland and Virginia. Don’t procrastinate any longer when it comes to your child’s future. Sherman Wealth Management can offer further information and detailed explanations with regards to opening and contributing to a diversified 529 Plan. With Sherman Wealth Management’s guidance and expertise, you can start saving for your child’s future today so you can ease the worries of tomorrow.

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