Back to school season is in full swing across the country. Things may look a little different this year, but some things will always stay the same. One of those things that is always the same is this: we can prepare our children for the future starting now. This back to school season I’m doing what we always do — investing in an Ohio 529 Plan.
What is an Ohio 529 Plan?
A 529 Savings Plan is a lot like a 401k. It’s an easy, tax-friendly way to save for your children’s higher education. Ohio’s 529 Plan can be used across the country for 2-year and 4-year programs as well as technical schools. Fun fact: Ohio’s 529 Plans can be used to fund your education nationwide — not just in the state of Ohio. And withdrawals from your plan are tax free when used for eligible education expenses.
I used to be one of those people who would only (and could only) think about the here and now. But having kids changes a person. Now I can barely make it through a day without thinking about their futures and how I want to do everything in my power to set them up for success.
Whether your child is sixteen or 1, you can take steps today to prepare for their future education — even if you have no idea what that higher education may look like! By using this, you can calculate see how inaction can negatively impact your higher education finances. You don’t need to have a massive amount of money to get yourself started, so why wait?
How to get started
It’s honestly super easy to get started to open an Ohio 529 Plan. Here’s what you’ll need:
- Your ID, social security number, telephone number, address, your date of birth, and your mothers maiden name.
- The telephone number, social security number, address, and date of birth of your successor (someone to take over the account should something happen to you).
- And lastly, the date of birth, telephone number, address, and social security number of the person you’re saving for.
So why not take this change in season to reevaluate the future of your children’s education. Open an Ohio 529 Plan today!