As the cost of a college education continues to rise, 529 plans can make a big difference.
Getting a tax break on the money you save for higher education is the big draw of section 529 plans.
Even if you've already begun saving, you might be wondering if you will have enough to cover college costs when the time comes.
If someone in your household hopes to attend college soon, there are a number of options available to you.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
TIAA-CREF does not offer tax or legal advice. Please see your personal tax and legal advisors regarding your particular situation.
Important Information About the Saving4College Smartphone App
The results presented are hypothetical illustrations and do not reflect the past or future performance of any specific investment. Rates of return will vary over time. Investments which seek to achieve higher rates of return are more volatile and involve a higher degree of risk.
The calculator takes into account tax variables based upon what you select. There may be limitations or restrictions on eligibility for tax benefits depending on the tax code in your state of residency.
These calculations do not constitute investment advice. As your financial situation changes, you should review your investment goals, time period for college investing, and personal financial situation and reassess whether you are saving enough to meet your college savings goals. You may want to consult with a qualified advisor before making an investment.
The calculations do not reflect management, administrative and other fees associated with 529 plans or any other investment used for college savings. If these fees had been reflected, the growth of the total contribution during the same investment period would have been lower.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. It was written to support the promotion of college savings plans. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
Get started with a plan on how to pay for college.