Think back to your first day of work at your current company or organization. The new office, new boss, new co-workers—and of course, a new break room! There’s probably a good chance that you also learned about your new benefits, including health care and retirement, at some point that first day.
And for good reason, too. Saving for retirement is the top financial concern of American families. Your employer was right to introduce your retirement options as soon as you started. Putting time on your side and allowing your money to work for you is essential to building a secure nest egg.
Not far behind retirement is affording postsecondary education. For generations, it’s been said that if you work hard and do well in school, you’ll find yourself on the path to success and a better life for your family.
One of the best ways to save for education is with a 529 plan—accounts that provide tax benefits, flexible savings and investment options, and the ability to pay for a wide range of education expenses.
By offering access to a 529 plan in the workplace with direct deposit, you can help your employees save early and steadily. Many states support workplace outreach with seminars, meetings, presentations, and marketing materials.
Contact your 529 plan administrator to learn about adding education savings to your company’s voluntary benefits package.
About the author
Dave Dominick is the Assistant Director of Consumer Savings Programs for the Pennsylvania Treasury Department. The Pennsylvania 529 College and Career Savings Program sponsors three plans – the PA 529 Guaranteed Savings Plan (GSP), the PA 529 Investment Plan (IP), and Keystone Scholars. The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either PA 529 plan, please carefully read that plan’s disclosure statement (available at www.PA529.com or by calling 1-800-440-4000) to learn more about that plan, including investment objectives, risks, fees, and tax implications. Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program.