This Friday is National 529 Day and you probably have questions. For instance, why is Friday National 529 Day? Also, what is National 529 Day?
Don’t worry, I have answers (or, to be totally honest, I have answers that have been provided by ScholarShare, the sponsor of this very post).
First, Friday is National 529 Day because Friday is May 29th, or 5/29 if you’re super hip, and by now you are probably nodding along knowingly. You don’t have to be smug about it.
Second, National 529 Day is celebrated nationally (hence, National) by state-sponsored 529 plans and those that love them in order to raise awareness about the importance of saving for college and the value of said 529 plans.
What is a 529 plan? It’s a state-sponsored, tax-advantaged college savings plan. ScholarShare is California’s 529 college savings plan. See:
So how does ScholarShare celebrate National 529 Day? The only way they know how, with a 529 Day matching promotion called: “You Start It, We Match It.” That means if you open a ScholarShare 529 college savings account on Friday, May 29, 2015 from 12:01 a.m. PT to 11:59 p.m. PT then ScholarShare will match $50 of the initial deposit. There is some required criteria and a whole bunch of other useful information on the ScholarShare website. Go read it, I’ll wait here.
There is really too much to say about ScholarShare 529 in one post, but lucky for you I will run a series of them across my vast empire(ish) of websites over the next several months. Who’s the big winner? You are.
In the meantime, here’s what you really need to know:
- Friday, May 29 is National 529 Day and that’s a good thing.
- Start your 529 plan with ScholarShare that day and they will match $50 of your initial investment. I’ll be opening two.
- Anyone can gift to an account.
- There is no age limit on those for which an account is opened.
- One does not need to reside in California in order to open a California 529 college savings plan with ScholarShare.
- A 529 plan is to college savings as a 401(k) plan is to retirement.
- The ScholarShare college savings plan is offered by the State of California. TIAA-CREF Tuition Financing, Inc. (TFI) is the Plan Manager.
- ScholarShare offers 19 investment portfolios, giving account holders more options with regard to savings goals and risk tolerance. It offers tax-deffered growth and withdrawals free from state and federal taxes when the funds are used for qualified higher education expenses (not just traditional colleges), including tuition, books, and some room and board costs.
The piggy-bank gets it:
This post was written in partnership with ScholarShare and I have been compensated for it. All opinions are my own, because education is important, people, and it ain’t cheap.