May 29th is 529 College Savings Day! A day created to raise awareness of the costs of a higher education, and to educate families that they shouldn’t keep putting off making a plan to save for it.
Why is saving for a higher education so important? According to The College Board’s annual report titled, Education Pays, a college graduate earns on average 61 percent more over a 40-year working career than a typical high school graduate earns over the same period. Plus, having an educated workforce is vital for the future of our communities and country.
James DiUlio, director of the Wisconsin 529 College Savings Program says, “Being able to reach your full potential and love what you do for a living is part of the American dream. No student should have to pass up the opportunity of college, professional school, technical school, or graduate school because they can’t afford to go.”
DiUlio adds, “Edvest and the other 529 college savings plans were designed to be easy ways to help all families save for a higher education. The sooner you start to save with a 529 savings plan, the more time your money has to grow.
“Then, if you can commit to making regular contributions, and enlist the help of family members and friends for contributions in lieu of traditional gifts, little by little, your college savings plan can potentially add up.”
529 College Savings Day is also the perfect day to help educate others about the importance saving for a higher education, how 529 plans work, the affordable plan minimums and the tax advantages contributors receive. Parent organizations, such as PTAs or PTOs, can consider hosting an informational meeting on 529 plans. Employers could elect to sponsor a “brown bag” luncheon for employees about the importance of saving for college.
What are you waiting for? Make May 29th the day you finally commit to starting this important saving process and help others to do so as well.