Tax Season Provides Opportunity for Investing in Future | Planning Ahead with The Education Plan®
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Even though tax filing day has moved to July 15, 2020, you’ve likely begun getting your financial documents in order. Now is a good time to think about a tax-favored way of saving for education. The Education Plan -- 529 college savings plan -- can help to pave the way for future academic success.
Even though tax filing day has moved to July 15, 2020, you’ve likely begun getting your financial documents in order. Now is a good time to think about a tax-favored way of saving for education. The Education Plan -- 529 college savings plan -- can help to pave the way for future academic success.
The Education Plan offers great tax benefits. Earnings grow free of state and federal taxes. In addition, withdrawals are tax-free when used to cover qualified education expenses.
The Education Plan can be used to cover tuition, housing, meal plans, books, supplies, computers and fees at any school nationwide. An account can be opened for as little as $1. “These are uncertain times for us, but we all hope for a better future,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico, the state agency that sponsors The Education Plan. “There’s no better investment for the future than education – for a loved one or for yourself.”
Research shows that individuals with even $500 saved for higher education are three times as likely to go to college. That makes an investment in education one of the most important you can make.
“We can’t forget that volatility in the financial markets has historically not prevented long-term growth in investments. We will get through situations like this by staying focused on a brighter future. That future begins with education,” Miller added.
For more information on The Education Plan, go to www.theducationplan.com or call 1 (877) 337-5268
