News

Business

On HALO

1 week ago

Why 529 plans remain a powerful tool for college, trade school savings

American households saving money for their children's educations can leverage tax-advantaged 529 accounts to make their dollars go further.529 education savings accounts are typically opened by parents, guardians or grandparents for minor children and allow those savings to grow on a tax-deferred basis, and funds can be withdrawn tax-free when they're used for qualified expenses. Individuals may also open 529 accounts to help save for their own education. "529s are the optimal vehicle for education savings," Thomas Psaltis, director of education savings programs at Bank of America Merrill Lync...