What is National 529 Day?
Are you wondering, “What is National 529 Day?” Each year, many states celebrate May 29 as National 529 Day to bring awareness to the flexible and tax-advantaged savings plans that help families fund their children’s educational goals.
Virtually every state has a 529 plan. In North Carolina, we have the NC 529 Plan, where we make it simple for parents, grandparents, or anyone to invest and plan for K–12, college, and more. Here at the NC 529 Plan, we love to celebrate National 529 Day with a big giveaway!
529 Day Incentives and Deals
During the month of May, new and current NC 529 Account holders are encouraged to visit our website to register for our 529 Day Giveaway. Participants can increase their chances of winning with multiple entries. For example, opening a new account, contributing to an existing account, signing up for an automatic bank draft, or naming a successor participant can increase your chances of winning a big contribution to your NC 529 Account for education.
Celebrate the Benefits of 529 Plans
529 Day in May isn’t the only time for deals and perks. All year long, account holders have several other advantages with an NC 529 Account.
Tax Advantages
Earnings grow tax-free when the funds are used for eligible educational expenses such as K–12 or college tuition, room and board, student loan payments, Roth IRA rollovers, etc.
Easy Ways to Gift Education
Another advantage of the NC 529 Plan is that friends and family can easily contribute. Account holders can now access their unique gifting link to share with loved ones for contributions. Once the link is received, grandparents, aunts, uncles, and friends can choose how much they’d like to donate and when to send. With contributions starting at just $25, this is the perfect one-size-fits-all gift for any child.
Saving Made Simple
Payroll deductions and automatic drafts are other advantages of the NC 529 Plan. Contributing to your little one’s education is easier when you can set it and forget it. Some employers offer the NC 529 Plan in their benefits package, allowing parents to contribute to their child’s education automatically with payroll deductions. Parents whose jobs don’t provide the NC 529 Plan as part of their benefits package can sign up for automatic bank drafts.
The Best Time to Open an NC 529 Account
You know the old saying, “There’s no time like the present.” You don’t have to wait until 529 Day to open your education savings account. The earlier you open an account and start saving, the better.
As an account holder, you can choose your 529 investment options based on your saving strategy. Choose from age-based tracks or individual options.
Not sure how much you need to save? Use the NC 529 College Savings Calculator. This tool considers your child’s age, the type of college they might attend, which expenses you plan to cover (tuition, room and board, etc.), and more to help you reach your saving goals.
Here’s How You Can Celebrate 529 Day
Now that you know more about 529 Plans and National 529 Day, it’s time to celebrate! Whether you have a little one of your own or you’re a family friend to someone else, you can celebrate with a contribution to a child’s account.
Children grow up faster than you can imagine, and you don’t want to wait until the last minute to plan for education. With more savings for education, children can have a brighter future and pursue their dreams of becoming engineers, doctors, lawyers, entertainers, and more. So, prepare for the future for the little ones in your life when by contributing to a 529 Plan today.