Saving for college? 5 reasons you need a Florida 529 Savings Plan
It’s too easy to not use one!
Let’s be honest…being a parent can be hard. Sure, there are books and mountains of unsolicited advice from well-meaning in-laws, but when it comes to knowing exactly how to raise a child, there are no guarantees. Well, maybe a few guarantees. For starters, there’s the guarantee that as soon as you sit down with a good book or cup of coffee, they will wake up from their nap. And then there is the guarantee that saving for college can be simple, affordable and effective with a Florida 529 Savings Plan.
Regarded as one of the nation’s top-performing 529 plans by savingforcollege.com, the Florida 529 Savings Plan offers the most flexible way to start — or supplement — your college savings strategy. Additionally, the Florida 529 Savings Plan recently surpassed 100,000 accounts, and has more than $1 billion in savings — mirroring a national trend of families choosing 529 savings plans as a preferred education savings vehicle.
To dive a little deeper, we’re giving you the top five reasons these tax-advantaged accounts are uber important.
1. Tax 👏🏻 free 👏🏻 growth 👏🏻
We say that a lot and we know we’re not the only ones. We also know that the word “tax,” itself, can be a little overwhelming. Simply put, the earnings accumulated in your Florida 529 Savings Plan are not taxed when they’re used for college and qualified K-12 education expenses.
2. Total coverage
“Qualified expenses” is another phrase that can sound like fine print, but is really just an effective way to cover a lot of expenses – K-12, college and university tuition, and everything from room and board, to equipment, software and even internet service.
3. No strings attached
There is no commitment, no monthly payment and no added stress. You can save what you want, when you want. Plus, there is the knowledge that every little bit you save today is adding up to ease the burden of student loan debt for your children tomorrow. Also, 529 Plans work great alongside scholarships. A Florida 529 Savings Plan is there for you when you need it, and how you need it.
4. Incredibly flexible
Set up automatic monthly payments or just toss extra cash into the plan when you can. Completely customize your investment strategy, or opt to have it fully managed, AKA “age-based portfolio,” which is the #1 preference for families. Unlike complicated investment programs or tricky “spare change” apps, you can effectively save in the style that suits your family’s savings goals and budget.
5. Have we mentioned the free money part?
If you open a new Florida 529 Savings Plan before August 15, we’ll contribute $50! It’s free to enroll, and the application process takes less than 15 minutes, so there’s no better time than now to get that 529 feeling.
You may have more questions about how saving for college with a Florida 529 Savings Plan works, and we encourage that! In fact, we’ve put together a comprehensive list of FAQs to help explain all the details. Plus, check out our investment planning tool to see how your savings can grow with a Florida 529 Savings Plan.