Edvest 529 celebrates America Saves Week
published February 24, 2023
Edvest 529, Wisconsin’s direct-sold College Savings Plan, is excited to participate in America Saves Week, an annual national campaign encouraging individuals and families to check in on their finances from Feb. 27 through Mar. 3, 2023. Each day of the week focuses on key areas that contribute to financial stability:
- Mon., Feb. 27 – Saving Automatically
- Tues., Feb. 28 – Saving for the Unexpected
- Wed., Mar. 1 – Saving for Major Milestones
- Thurs., Mar. 2 – Paying Down Debt is Saving
- Fri., Mar. 3 – Saving at Any Age
While each of these areas is important, here at Edvest 529, we are particularly focused on “Saving for Major Milestones.” Major milestones could include buying a home, planning for retirement, and saving for your or a loved one’s higher education. These milestones usually require advanced planning and saving a significant amount of money over a long period of time.
While it might feel overwhelming, saving for college doesn’t have to be. Edvest 529 is here to help you plan and save for your loved one’s higher education. Wisconsinites who save with Edvest 529 experience a triple tax incentive—a Wisconsin state income tax deduction (per account, per beneficiary), tax-free withdrawals when funds are used for qualified education expenses, and any earnings grow tax-deferred.1 Funds can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many schools abroad.
To celebrate America Saves Week, Edvest 529 is sharing helpful tips to get you started on your higher education saving journey:
- Open a 529 account in a child’s life as soon as possible so funds can have more time to grow. Delaying saving for education may mean you play catch-up down the road, or your child will need to take out more student loans. Remember, every dollar saved today may be one less dollar borrowed tomorrow. With a 529 plan, time can be your biggest asset!
- Determine how much you can save and plan for when you will need to access your funds. When developing your higher education savings plan, don’t focus on covering the entire cost of a child’s education. Instead, focus on saving as much as you can within your means. Smaller, more manageable contributions throughout the years will add up over time!
- Build financial confidence by establishing automatic contributions to your account. Whether through payroll direct deposit or via ACH from your checking or savings account, when you save a dedicated amount of money at regular intervals, you can feel a sense of control over your savings. After some time, it can feel rewarding to see the future value of your investment.
- Invite friends, grandparents, aunts, uncles, and other family members to contribute to your child’s college savings. Birthdays, holidays, and other significant milestones are a great time for family and friends to gift to an Edvest 529 account. Plus, regardless of their relationship to a child, their contributions may qualify for a Wisconsin state income tax deduction.1
- Involve the child you are saving for in the process. Not only is it a good idea to have family and friends contribute, but you can also have your child save! Children can learn to set a savings goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. You can also have a discussion on how it feels to see your money grow.
Whatever your higher education savings goals are, Edvest 529 is here to support you and your family. Tactics such as opening a 529 investment account and setting up recurring contributions may add to big savings.
- 1To learn more about Wisconsin’s Edvest 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at Edvest.com. Read it carefully. Wisconsin taxpayers can qualify for a state tax deduction up to $3,860 for each contributor per beneficiary per year from contributions made into an Edvest 529 College Savings Plan (married couples filing separately and certain divorced parents may each claim a maximum of $1,930). Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. If the funds aren’t used for qualified education higher expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for Wisconsin’s Edvest 529 College Savings Plan.↩
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