3 Reasons to Open a Florida 529 Savings Plan This Summer
As the school year winds down, and your kids eagerly anticipate the freedom of summer break, why not seize the opportunity to get ahead with your college savings strategy?
A Florida 529 Savings Plan lets you grow K-12 and college savings tax-free and has some of the lowest fees in the nation, putting your child on the path to a brighter, debt-free future. If your child can dream it, you can save for it.
To help you get started, the Florida Prepaid College Board is offering families a special incentive. Open a Florida 529 Savings Plan between May 1 and June 23, 2024, and Florida Prepaid will add a free $50 to your new account.
The medal-winning Florida 529 Savings Plan allows you to save what you want, when you want, or even set up automatic payments for as little as $25 a month.
Plus, here are three great reasons the Florida 529 Savings Plan is more innovative than ever before:
- Its Uses Are Expanding. New IRS rules now allow your 529 plan to cover college and university expenses, as well as qualified K-12 expenses and certain apprenticeship programs and job training in a variety of fields, including the culinary arts, aviation and financial services.
- You Can Roll it into a Roth IRA. Parents with unused college savings in a 529 account can shift that money into a beneficiary’s Roth IRA (Individual Retirement Account). The change took effect January 2024, and the maximum amount a parent can transfer is $35,000 per beneficiary. The account must have been open for 15 years, with rollover funds in the account for at least five years. Any rollover is also subject to current Roth IRA contribution limits.
- It’s Easily Transferable between Children. If the original beneficiary changes their mind about college, you may transfer funds to another family member. You could even use the funds to further your own education!
Your child’s dreams are worth investing in! Get started today.
Enroll by June 23, 2024, to get a FREE $50 account contribution to kick-start your savings journey! View promotion rules.
Have more questions? We’ve got answers! Explore our Frequently Asked Questions to learn more about our Prepaid Plans and Savings Plan. And click here to start your savings now!
