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Should I Contribute to a 529 College Savings Plan?

College 529 Savings plans allow your money to grow tax-deferred and to be withdrawn sans-taxes if the funds are used to pay for education.  Establishing a savings plan early for your child, grandchild or other relative can pay off handsomely compared to the traditional savings route.  Here are some other things you should know about 529 plans:





 



Many states also allow a deduction for contributions made to the plan (including Alabama which allows for a paltry $5,000 deduction - roughly worth $250 if you're in the 5% tax bracket for state taxes).



You do not have to use the plan available in your state of residence but should shop around for the best performing plans based on low fees, investment options, ease of use and investment returns.  Each year Morningstar issues ratings for the best performers.  The 2019 gold star winners were Utah, Virginia, California and Illinois.  



529 plans are a great way to gift and invest in future generations!



 



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  1. Posted on: 2020-07-01
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