Investing in a 529 Education Savings Plan is More Important Than Ever in 2022 | Your money


Santa Fe, NM, Jan. 12, 2022 (GLOBE NEWSWIRE) – With tuition fees soaring and inflation skyrocketing, saving money for college has become increasingly important in the world. over the years. According to the United States Bureau of Labor Statistics, tuition fees in the United States have increased 54% over the past 20 years. In early 2022, consider investing in a 529 plan. The 529 Study Plan® Education Savings Plan can help alleviate those growing education costs and have a lasting positive impact on the lives of those around you. .

The Study Plan® can be used to finance future education expenses for your loved ones, even your own. Funds saved in a 529 plan can be used to pay for tuition and a variety of eligible education expenses, such as accommodation and food, books, and a laptop at community colleges, public and private universities. and business and vocational schools.

“A 529 Savings Plan is a great option for families concerned about rising tuition fees,” said Carolyn Fittipaldi, Acting Executive Director, Education Trust Board of New Mexico, the agency that administers The Education Plan® . “Setting aside money now to prepare for the future is one of the best decisions anyone can make about their education or the education of a loved one. Investing money today ensures that you will have even more money tomorrow, and as we move into a new year, now is a great time to think about the future.

One of the main advantages of investing in a 529 plan is its potential for tax-free compound growth. And the money is tax-free when used to pay for qualifying education expenses. Many states also offer a state income tax deduction for funds invested in a 529 education savings plan. While investing more money in the plan allows for longer growth. Ultimately, the Education Plan® can be started for as little as $ 1, and there is no limit to how much someone can contribute.

“The Education Plan® is a versatile option that can help all families plan not only for the coming year, but also for the years to come,” added Fittipaldi.

To learn more about the Education Plan®, visit TheEducationPlan.com or call 1 (877) 337-5268.

Joanie Griffin The Education Plan 505-261-4444 [email protected]

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