SANTA FE, NM - With the holiday season upon us, parents and grandparents may be searching for the perfect gift for loved ones. By gifting money to a 529 Education Savings Plan, family members can make a positive financial impact in a loved one’s life. The Education Plan® 529 Education Savings Plan is a tax-advantaged savings account that pays for future education expenses at accredited colleges, universities, trade schools, and professional schools throughout the United States.
According to Investopedia, holiday spending is expected to grow 6% to 8% over 2021 due to inflation. Instead of buying a common material gift, opting to invest in a loved one’s future education can provide a lasting, meaningful gift well beyond the season. A person can contribute a recurring or one-time amount into a 529 account, and the funds can be used for one’s own future education or that of a loved one.
“The holiday season is often a time when we select gifts that will impact and brighten up a loved one’s life,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the organization that administers The Education Plan®. “With rising tuition costs and increased career opportunities linked to higher education, contributing to a college savings plan account is one of the most meaningful gifts you can give. For those who save early in their child or grandchild’s life, funds have the opportunity to grow over time through compounding; however, it’s never too late to start saving. We encourage everyone to start a new tradition this holiday season of contributing to future education expenses – truly the gift that keeps on giving.”
To learn more about The Education Plan®, visit TheEducationPlan.com or call 1(877) 337-5268.