The Gift of Education - Tips for Investing In Your Loved One's Future
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Early Bird Benefits: Gifts can be most valuable when contributed early in the recipient’s life, so they have more time to potentially grow. However, you may open or contribute to an account to save for the future education of an individual of any age.
A Gift for the Gifter: The holiday season is a great time to contribute. Many states offer tax deductions to 529 plan contributors and/or account owners, which must be in by the end of the year.
Small Amounts, Big Difference: Check the minimum contribution limits each plan has, as most plans have low minimum contribution requirements. A gift as modest as $15 or $25 a month can make a big difference in the long run. Also, if a few family members each contribute, that can make an even greater impact.
Consider Yourself: If you’re looking for gifts to add to your own wish list, check your state’s 529 plan to learn about how to set up easy gifting and invite others to lend a hand.
For more information about 529 college savings plans, including links to all 529 plans and a unique plan comparison tool, please visit CollegeSavings.org