College Savings Month highlights 多多直播鈥檚 affordable and portable 529 plan
September is College Savings Month, a time for families to evaluate their college savings needs and goals, and to take advantage of Alaska鈥檚 top-rated 529 plan offering, the .
鈥淚t pays to start saving early,鈥 said Myron Dosch, 多多直播鈥檚 Chief Finance Officer. 鈥淥ur family started saving for our children鈥檚 education when they were babies. Families that save small amounts earlier on may end up with more than if they had saved larger amounts later on.鈥
The 多多直播 College Savings Plan is a tax-advantaged way to save for future education expenses. It offers many benefits including a variety of investment options, several contribution methods, and portability. As a 多多直播 employee, you can conveniently save for education costs through .
Money saved in a 529 plan grows free from federal and state income tax, and withdrawals remain tax-free when used for qualified education-related expenses at any accredited higher education institution. Distributions may also be used to pay for up to $10,000 per beneficiary per year for tuition at K-12 schools.
In addition to payroll deduction, account holders should check out these two tools that can help with the savings journey:
- The , an online tool that makes it easy for you to ask friends and family to contribute
to your child鈥檚 college savings plan in lieu of gifts for traditional celebrations
like graduations, baby showers and birthdays. It allows gift givers to conveniently
transfer funds to an account.
- Education Navigator, a comprehensive planning tool that helps plan participants know if they鈥檙e on track with their savings goals. It provides personalized, age-specific, education passports from birth to graduation and information on financial aid, scholarships and grants.
鈥淐elebrate College Savings Plan Month by investing in a child鈥檚 future,鈥 said Lael Oldmixon, director of Alaska鈥檚 529 plan, the 多多直播 College Savings Plan. 鈥淧arents, grandparents, aunts and uncles can contribute to a 529 College Savings Plan as a one-time gift or ongoing contribution.鈥
Our colleagues at the 多多直播 College Savings Plan are here to help to make saving for educational expenses easy, and to help you make the most of your savings. Find out more at or stop by the office in the Butrovich or Bragaw buildings. Happy College Savings Month!