Plan and invest with ClearFuture
529 Savings Plan
Your kids may not be heading off to college just yet, but they’ll be receiving their acceptance letters before you know it. Start saving now, and you may be able to lessen the financial stress that comes with paying for a higher education significantly.
How a 529 Plan Works
- State Tax Benefits: Plan participants can expect tax breaks (Indiana’s income tax credit is 20% of contributions up to $1,000 credit per year) so your investments may grow more quickly than in a savings account. Until you make withdrawals, you won’t receive a Form 1099 to report taxable or nontaxable earnings. For specific tax advice, please contact a tax professional.
- Anyone Can Open or Contribute: Any U.S. citizen or resident alien, 18 or older, can open an account – regardless of income. Parents, grandparents, other family, and friends can open an account for anyone they choose. You can even set one up for yourself!
- Student Can Attend Any College Nationwide: Assets can be used toward the costs of nearly any public or private, two-year or four-year U.S.-accredited college, university, or technical school nationwide – as long as the school is eligible to participate in U.S. Department of Education student financial aid programs.
- Low Maintenance: Start a plan for as little as $25. Make contributions of $25 or more – or set up automatic deposits – and know the plan assets are professionally managed by the state treasurer’s office or an outside investment company.
- Flexible: Once every 12 months, you can roll the funds over into a new 529 Savings Plan option, tax-free, for the beneficiary or a member of the beneficiary’s family.
Looking for additional information? You can learn more about 529 Savings Plans at College Choice Advisor.
How 3Rivers Can Help
Sound like you could benefit from a 529 Plan? 3Rivers can help! Our CFS* financial advisors are more than happy to meet with you to discuss saving for college more in-depth and help you determine the right savings option for you and your family.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 3Rivers Federal Credit Union and ClearFuture Financial are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using ClearFuture Financial, and may also be employees of 3Rivers Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 3Rivers Federal Credit Union or ClearFuture Financial. Securities and insurance offered through LPL or its affiliates are:
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