Did you celebrate 5/29 this year? While this day doesn’t have any great food or fun traditions associated with it, it is an important date. Every year May 29th (5/29) is celebrated as “529 Day.” It is a day to learn about the benefits of saving early for higher education for children because little savings can go a long way to building future dreams. Why “529 Day”? Because 529 College Savings Plans are named for Section 529 of the federal tax code. They are an easy way to save and invest for higher education, whereby anyone can set aside money for a child’s future education and watch that money grow tax-free.
Children with $1-$499 in college savings are three times more likely to attend college, 4 times more likely to graduate from college, and more likely to do well in high school!
It’s not too late! Even if you missed 5/29 you can still celebrate by opening an account for your children or adding money to the accounts of children in your life. It is never too early to start saving for college. Show your favorite children that you believe in their future!
Contact Amy Mangan-Fischer, Human Development and Relationships Educator, with questions at amy.manganfischer@wisc.edu or 920.929.3179.
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