Saving Money for College: 529 College Savings Accounts

An excellent vehicle for saving money tax-free for your child's educational expenses is provided by the 529 college savings plan.  This federal plan allows you to put money in a tax-deferred managed savings account, where it can be invested in a number of different ways, with the funds completely tax-free if the money is spent for educational purposes (if spent for other purposes, the tax is deferred until it is withdrawn from the 529 account).

Each state in the U.S.  has a different implementation and management system for that state's 529 savings plan, although you can invest in any state's plan (you do not need to be a resident to use a particular state's 529 plan).   Most personal finance sites have websites that outline their 529 savings plan options.   One example is the Fidelity site, which has Managed 529 Plan options in all 50 states.   Click here to view Fidelity's Managed 529 Plan options:
http://personal.fidelity.com/planning/college/content/fidelity_managed_529_plans.shtml.cvsr?refpr=col2

Another great resource to get more information regarding how 529 plans work in general as well as more detailed states 529 plans - is the IRS website.   The IRS website has a downloadable brochure on the Tax Benefits for Education.   You can find it at: http://www.irs.gov/pub/irs-pdf/p970.pdf

The 529 College Savings Account is presently one of the best methods to save money for your child's future educational expenses, and is best started early so that the investment earnings can be realized free from taxes.

Saving for college is an amazingly large task.   Utilizing the 529 College Savings Account is a great way to make a quality college education a reality for your child in the future.

But there are other resources available to ensure you're taking the right steps now to ensure your child can get accepted into the right college.   Strong math skills are a critical component to acceptance into the top colleges.   By using GoldStudent's math assistance program, students will be able to thrive and excel in math, setting the strong foundation for the skills they will need in college and beyond.

With the increasingly global competition for access to the best colleges and the best jobs after college, a strong math education is critical to helping children realize their future dreams.

Check out the links below for more free articles on both saving for college as well as the importance of math in preparation for college:

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Math Problem of the Day

Monday,  May 22,  2017

Question:

Find the average of 35, 2 and 11.
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