Why does opening a Future Scholar 529 College Savings plan make so much sense?
Tuesday, January 17, 2017
When should you start saving for your child’s college education? Many say as soon as your child is born or has a social security number.
“Whatever you decide, it’s important just to start,” said South Carolina Treasurer Curtis Loftis. “And start early.”
Unlike other savings goals such as retirement, saving for college has a much shorter window of time, Loftis explained.
Which is why opening a Future Scholar 529 College Savings Plan just makes sense.
With a Future Scholar plan, money in your account is not taxed as it grows. And when you need the money for college costs, you can withdraw it tax-free.
In addition, if you live in South Carolina, you may be able to deduct contributions from your state tax return and you won’t have to pay any income tax if you use the money for college expenses.
“A Future Scholar plan really is the smart, easy way to save money for college,” Loftis said.
To learn more about the tax advantages of 529 plans, read on: https://mic.com/articles/163846/when-should-i-start-saving-for-my-kid-s-college-how-to-choose-and-understand-529-plans#.frqE67gx9