Page 40 - 2021 Gray Solutions Benefits Guide
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Quick Contact Details:
Jeffrey Todd
Additional Benefits Phone: 859-899-0420
Website: americanfunds.com/529
Additional Benefits
529 College Savings Plan
As tuition costs climb, saving early for education is one of the most important decisions parents
can make. Tax-advantaged 529 savings plans are now one of the most popular options
for ensuring school expenses will be covered when your child reaches college age.
The 529 College Savings program provides the opportunity to invest in a college
savings program where assets can grow, free from federal taxes. Withdrawals
are tax free if used to pay for qualifying higher education expenses.
Any U.S. citizen or resident alien 18 years or older can open a 529 account. Usually, the
beneficiary is a child, grandchild or younger relative. However, an adult can also open a
529 plan to save for his or her own higher education costs; there are no age limits.
For more information, please contact Jeffrey Todd at 859-899-0420.
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