Advantages to consider about 529 Savings Plans
1. Although contributions are not pre-tax deductions when they are deposited, a prime benefit of the 529 Savings Plan is that your funds grow tax-deferred and withdrawals for the beneficiary’s college costs are exempt from tax. In addition, many states provide state income tax deductions for all or part of the contributions.
2. You, as the donor, maintain control of the account. The person you have named as the beneficiary has no rights to the funds until the time you have designated. This means the funds do not affect the beneficiary’s application for college financial aid as he or she does not yet own the money. Most plans even allow you to reclaim the funds for yourself any time you desire, no questions asked. You will, however, be required to pay income tax and an additional 10% penalty tax.
3. A 529 Savings Plan can provide a very easy way to save for college. Once you decide on a 529 Savings Plan, you complete a simple enrollment form and choose to make either a single contribution or regular automatic deposits. The ongoing investment of the account is handled by the plan manager, similar to a 401(k).
4. 529 Savings Plans generally have very low minimum start-up requirements and low deposit requirements. The fees, compared with other investment vehicles, are also low.
5. Everyone is eligible to take advantage of a 529 Savings Plan, and there are no income limitations or age restrictions.
6. If you want to move your investment around, you may change to a different option in a 529 Savings Plan every year (program permitting), or you may rollover your account to a different state’s program provided no such rollover for your beneficiary has occurred in the previous 12 months.
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The Top Ten Performing 529 Savings Plans (using a 5-year Performance Ranking)
1. START Saving Program (Louisiana)
2. T. Rowe Price College Savings Plan (Alaska)
3. Virginia Education Savings Trust (VEST)
4. Utah Educational Savings Plan (UESP) Trust
5. College Savings Plans of Maryland—College Investment Plan
6. College Savings Plan of Nebraska
7. University of Alaska College Savings Plan
8. The Vanguard 529 Savings Plan (Nevada)
9. CollegeBound Fund (Rhode Island)
10 . The Upromise College Fund (Nevada)