By Roby Smith, Iowa State Treasurer
February 13, 2024
Ahhhh, love! Nat King Cole had it right: “‘L’ is for the way you look at me …” And looking at the benefits of 529 plans, there’s a lot to love!
L: With LIMITLESS possibilities of what path your child may choose for their future, a 529 account can help turn their dreams into reality. Today’s children are preparing for careers that are the backbone of society, and jobs we haven’t even imagined yet! To help prepare them for wherever their journey may lead, your 529 funds can be used at any eligible educational institution in the United States, both in-state and out-of-state, and abroad.
O: Investment OPTIONS allow each Participant to investaccording to their own risk tolerance and investment strategy. With a diverse selection of investment options, 529s can help keep your family’s education savings goals on track.
V: It takes a VILLAGE! With the rising cost of education, parents don’t have to save alone. Invite friends and relatives to contribute to your child’s account. Holidays, birthdays, and other special occasions are the perfect opportunities to let others know just how easy it is to contribute. Every dollar saved matters by reducing the burden of borrowing and the amount of debt your scholar may have.
E: EXPENSES beyond just tuition at two- and four-year education institutions are qualified withdrawals; use account funds for room & board, books, supplies, fees and equipment, including a computer. While apprenticeships don’t typically involve a tuition bill, there can be fees, books, supplies, and other required equipment.
Love’s transformative power shows the children in our lives how important they are to us and enables them to know we believe in their potential. Investing in their future with dedicated education savings is an easy choice with the L-O-V-E benefits of 529 plans.
About the Author
Iowa State Treasurer Roby Smith is the administrator of Iowa’s 529 Education Savings Programs, College Savings Iowa and the IAdvisor 529 Plan, with over $6.4 billion invested and more than $5.2 billion in qualified withdrawals.