A college savings plan is a great way to help your kids get the college education that they will need to be successful. Starting to save now is the best thing that you can do to support your child and their success in the future. For our children to succeed, a college education is no longer a point of advantage ; it’s almost mandatory for entry in today’s competitive marketplace.
Quality planning and starting her college savings plan early can be key benefits to obtaining your financial goals. The college savings plan of Maryland is an affordable way for you to start saving for college now. These plans offer a variety of benefits that can make savings easy. There are also many benefits that exist with 529 college plans that do not exist with regular savings plans. Here are some of the many advantages for enrolling in the Maryland 529 college savings plan.
Affordability and Flexibility of the 529 College Savings Plan
The College Savings Plan of Maryland offers many choices and options for saving for your child’s future education. You could start saving with as little as $25 a month. Automatic monthly contributions in the college invest in plan are a great way to stay on pace with your goals. The 529 college savings plan of Maryland can be used towards nearly any accredited college nationwide. This includes public or private two-year or four-year universities. Your child can also use the money to pay for other college costs like books, room and board, and other qualified expenses.
The Tax Benefits of the Maryland 529 College Savings Plans
The college savings plan of Maryland offers hard to beat tax benefits. Some of these benefits include tax-free earnings when used toward eligible college expenses. Federal taxes are also not charged on any earnings that are incurred with the savings plan. Maryland taxpayers can also benefit from an income deduction on contributions of up to $2500 per account or beneficiary. Married couples that file jointly can deduct $5000 per account or beneficiary.
Investment Options with the Maryland College Savings Plan
T. Rowe Price has been selected as the account holder of the Maryland college investment plan. They offer a variety of investment portfolio options which offer flexible contribution amounts, no sales loads, commissions, or enrollment fees. You can speak to some of the well-qualified T. Rowe Price account executives which can help you find the right plan for your situation. These customized plans can help you invest your money the right way to achieve your ultimate savings goals. Each plan is based on a different savings strategy and offers distinct benefits. The age of your child will greatly affect your investment strategies. T. Rowe Price has plans available based on the age of your child and will be customized to your liking.