A lot of us save for retirement through 401K plans, but have you considered saving for your child or grandchild's education?
My529 is Utah’s educational savings plan – an opportunity for people to plan for the future through investment-style savings that may grow over the years.
Richard Ellis, Executive Director of my529, says the plan works best with years of time for compound interest to have an impact on the funds.
Starting to save when your kids are born, or little, is ideal, he says. However, it's really not ever too late to start saving.
The upside is that earnings can be used for qualified education expenses without incurring income tax on those earnings.
Plus, in Utah, there are contribution tax credits.
Funds can be used in the USA and other countries, as long as the teaching institution is one that accepts federal financial aid.
For more information please visit my529.org.
