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Maximice Su Plan de Ahorro para La Universidad

Maximize Your College Savings Plan

One of the biggest financial challenges is saving for college. 

Since they were created in the ‘90s, tax-advantaged 529 savings plans-state-sponsored accounts have been among the most popular investment vehicles for families saving for college.

The average fee for 529 funds dropped from 0.84% to 0.72% over the past three years, making it more attractive to families.

Here are some strategies to ensure you make the most of your 529 plan investments: https://www.sec.gov/investor/pubs/intro529.htm

Take advantage of tax breaks. The primary benefit of the 529 plan is, as long as you use the money for qualified college expenses including: Tuition room & board, mandatory fee books and computers (if required), you don't pay taxes on your investment gains. However, 34 states allow you to deduct or receive a credit for 529 contributions to offset your state income taxes, with an average value of $87 for every $1,000 invested. 

Research your state's plan. You can invest in any state-sponsored plan, regardless of where you live. However, if your state offers a tax break, in most cases you're better off staying in that plan as it takes years of high performance to offset the tax savings. But if your state's plan is expensive, it's worth considering another state's plan, especially if there's no penalty for rolling the balance over.

Sign up on the Internet. Enroll in a 529 plan on the provider's website and avoid the commissions and fees charged by brokers and advisers. http://www.collegesavings.org/index.aspx


According to Morningstar - Independent Investment Research, the states with the best overall 529 plans are Utah, Maryland, West Virginia, and California.

Published: 11-25-2013



 

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