This past spring, I shared some of my personal story of Florida Prepaid Plans, for myself back in the day and my children now. While the Open Enrollment window for Florida Prepaid Plans has ended, parents can look into a 529 Savings Plan!
A MyFloridaPrepaid Florida 529 Savings Plan lets you contribute – what you can, when you can – to meet your savings goals. Plus, it covers a wide range of qualified higher education expenses beyond just tuition.
What? A 529 Savings Plan is an investment account that provides a flexible, tax-free way to save for college… AND/OR K-12 expenses!
This K-12 option is a new one that I learned of recently and am thrilled about. One reason being: our girls are currently enrolled in private school. If for some reason we experienced a financial hardship, I love knowing we would have money set aside that we would be able to draw from to cover their tuition (up to $10,000 annually).
Investment earnings are not taxed as long as they are used for qualified education expenses like tuition, fees, room, board, books and supplies. This is also great because if your child receives a scholarship the funds can go towards other expenses associated with being at school like housing.
How? Open your account for free. Choose your investment options. And start saving. It’s that simple. You, as the account owner, maintain control of the funds and can withdraw them as needed. Florida 529 Savings Plans can be set up on their own, or stacked with a Prepaid Plan, depending on your wants and needs.
And while plan while plans are not just for Florida schools, it IS just for Florida residents! Another perk to living in the Sunshine State.
Why? 529 Savings Plans offer a lot of flexibility and control. Choose a pre-designed portfolio or customize your investment options. Contribute what you can when you can. These plans are highly rated, offer low fees, are user-friendly, and the earnings grow tax-free! As with all investments, returns will vary based on performance.
If you’re considering a 529 Plan, I recommend perusing the MyFloridaPrepaid site, trying out the Savings Planning Tool, and getting started! I learned at a young age that the earlier you start saving, the easier it is. Even coming up with a small, consistent contribution can seriously add up over the years!
You can start as low as $25/month, so that’s like basically skipping a meal out once a month and breathing a major sigh of relief in 18 years when a pot of college savings is sitting there — ready for you and your little ones.
Special Promotion! July 1 – August 15, 2021: Anyone who enrolls in a new Florida 529 Savings Plan account will receive a $50 account contribution to get started! Use promo code BEACH529. Get started today!