This past weekend, MomTrends hosted an event at The Intrepid here in NYC to learn more about NY’s 529 Direct College Savings Program. I was eager to learn, because I honestly was pretty clueless about it. Gabby is 8 years old. She’ll be in college in the blink of an eye! I wanted to learn more about NY’s 529 Direct College Savings Program so I can save money specifically for my daughters college education.
Soaking in all the awesome info about #NY529edu !
What is the NY 529 Direct College Savings Program?
It’s a type of investment account you can use for higher-education savings. 529 plans are usually sponsored by states.
- No income restrictions to open a NY 529 Direct College Savings Program.
- Friends and family can contribute to your child’s account.
- The account owner—not the beneficiary—is always in control of the account, even when the beneficiary becomes an adult.
- No age limit for beneficiaries on a NY 529 Direct College Savings account.
- A beneficiary can have more than one account.
- Advantages of a NY 529 Direct College Savings Program: tax deductions, tax deferred growth, and tax-free withdrawals.
- Funds can be transferred to a close relative of the beneficiary if he or she doesn’t need the money.
I am pretty impressed with the NY 529 Direct College Savings Program. For starters, I love that there are no income restrictions. Everybody’s financial situation is different. But it’s nice to know that you can contribute whatever you could afford towards your child’s account. Every little bit counts!
At the event, they raised good points. For example, instead of birthday gifts, why not ask loved ones to donate money towards your childs NY 529 Direct College Savings Program?! Learn more about Ugift: Click here
In case of an emergency it’s nice to know you can use your NY 529 Direct College Savings account to help out. I mean of course there will be a penalty. But it’s better than nothing I suppose.
I highly recommend opening up a NY 529 Direct College Savings account. Your kid will thank you in the future!
Thank you MomTrends for the invite to this great event!
Check out their video: #NY529edu