Treasurer Fitzgerald presents 28 reasons to save with a 529 account
DES MOINES, Iowa — February may be the shortest month of the year, but State Treasurer Michael L. Fitzgerald has no shortage of reasons to save for education with a 529 account.” College Savings Iowa is the largest 529 plan in the state, accumulating more than $6.3 billion in assets across more than 280,000 accounts,” Fitzgerald said. “Here’s a list of 28 reasons why you should open an account for the child in your life – one for each day of the month!”
2. Assets grow tax-free
3, a $3,522 tax deduction for Iowa taxpayers in 2022*
4. Limit your child’s student loan debt
5. All investment options are professionally managed by Vanguard
6. Community colleges, trade and vocational schools, apprenticeship programs, and four-year universities are all examples of eligible educational institutions.
7. There are no geographical limitations, so your student can attend any qualifying institution of higher education in the United States or abroad
8. Pay eligible education costs, including tuition, room and board, textbooks and more**
9. Qualifying withdrawals are tax-free for all participants
10. Leave a meaningful gift for your grandchildren
11. Children with a dedicated college savings account are six times more likely to stay in school
12. You control the funds, no matter the age of the beneficiary
13. It only takes $25 and 10 minutes to open an account
14. Easy and Lasting Birthday and Holiday Gifts
15. Ten investment options to create your own personalized asset allocation OR
16. Four age-based investment tracks that automatically adjust as your child ages
17. Same low price for all the investment options you choose
18. The earlier you start, the more time your money has to potentially grow
19. Family and friends can easily contribute with Ugift
20. Set it and forget it with recurring contributions
21. Promote awareness and aspiration for higher education
22. Increase your child’s knowledge of saving and investing by involving them in the plan
23. Low fees – only pay $1.90 per year for every $1,000 saved
24. Manage your account in the palm of your hand with the READYSAVE529 app
25. No consultancy fees or sales commission
26. Several people can open separate accounts for the same student
27. Transfer the money to an eligible family member if the student does not use the money
28. No age limit or time limit in which the money must be used
Administered by Fitzgerald, College Savings Iowa has been helping families save for future college expenses for more than 20 years. More than $3.8 billion has already been used to help students achieve their educational dreams and pay eligible expenses at accredited programs across the country. For more information about College Savings Iowa, call (888) 672-9116 or visit CollegeSavingsIowa.com. Connect with Plan on Facebook and Twitter to stay up to date on current events and Plan updates.
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