National 529 College Savings Day is Approaching

National 529 College Savings Day is Approaching

May 19, 2022

It’s National 529 College Savings Day


National 529 College Savings Day is approaching and I/we at Beacon Wealth wanted to let you know we are always available to answer any questions you may have about the potential benefits of 529 plans.

A few tidbits about this powerful savings/investing tool:

  • While 529 plan assets can be used to pay for tuition and books, they can also pay for computers, internet access and other equipment.
  • 529 plans aren’t just for college. They can be used to pay up to $10,000 per year per student for K through 12th grade programs.
  • 529 assets can also be used to pay for registered apprenticeship programs and repayment of college debt.

Here is an idea or strategy that may help you save and plan for what could be your 1st or 2nd largest expense in your lifetime:

You may be tempted to give your children or grandchildren trendy toys or electronic devices as gifts but creating or contributing to a 529 plan for them might be a smarter, more-impactful, and longer-lasting present. Instead of buying them something that breaks or goes out of date in a couple of years, you’re investing in their future in a meaningful way that could change the course of their lives. In addition, you don’t need to worry about the potential supply chain issues we face during the holiday season!

There are also other benefits. For example, 529 contributors may qualify for a state income-tax deduction or credit.

Tell grandma and grandpa. They are perfect for this. Or did you get a tax refund? Maybe being forward thinking and investing it is the wise thing to do!!

If you’d like to learn more about how I/we can assist you in setting up a 529 plan, please contact my/our office for more information or to schedule a consultation. 




Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.