College tuition costs are on the rise and parents are looking for solutions. The West Virginia 529 college savings plans or the SMART 529 Select program was created for this purpose. This amazing plan was rated one of the best 529 savings programs in the country.
It offers some outstanding benefits to West Virginia residents that can help them start saving for their children’s future now. The costs of higher education will continue to rise in the near future. Studies have shown that the cost of college is rising faster than the rate of inflation. The SMART 529 Select program offers parents the strategy and investment options that they need to accomplish their college financial goals.
Benefits of the SMART 529 Select College Savings Program
This plan is sold directly through the state of West Virginia. This helps you avoid unneeded sale charges that come with many other 529 college plans. This means that your money will go toward building your college education portfolio and help you maximize your contributions. This direct sold plan also allows you to purchase portfolios of funds from dimensional fund advisors.
These index funds are some of the best investment options that are offered in the country. In most cases the only way to purchase any of these funds are through a broker or financial advisor. A variety of portfolio options are at your disposal which makes savings customized based on your personal goals.
Tax benefits of the SMART 529 Select Savings Plan
There are many different tax benefits that are part of the 529 college savings plan. Many states offer a variety of tax advantages which can be very beneficial. The state of West Virginia offers some of the best tax benefits in the country. West Virginia residents can deduct all contributions from their state income tax every year. These tax breaks can save account holders thousands of dollars. Account holders can take these tax benefits and reinvest them into their savings portfolio. The earlier you invest the more your money can grow for you.
There are other great tax benefits that are included with the SMART 529 Select program. These benefits include earnings that grow tax-free from state and federal income tax. Gift taxes are also great advantages that can also be beneficial for family members. Grandparents and loved ones can make contributions to your account and benefit from tax exemptions. This makes savings easy and affordable for the whole family.
Investment options with the SMART 529 College Savings Plan
As an account holder you have a variety of investment options. These portfolio options include age-based portfolios, static portfolios, and individual funds. You have full control of all the money that is invested and which portfolio your money is invested. Making dedicated monthly contributions into your account can be the key element the saving the money that your children will need in the future.
The West Virginia 529 college savings plan is a great way for residents to start saving for college now. The program offers outstanding advantages that make it easy to save money fast. This program offers the flexibility that is needed to make savings for college possible.