Florida 529 Savings Plans recognized as top 10 performer nationally
- Florida Prepaid is encouraging families to start saving for their child’s higher education this fall by seeding $50 into Florida 529 Savings Plan accounts opened September 5 – October 29, 2023.
- New federal rules for the use of 529 Saving Plans make them even more flexible and tax-advantaged, with approved uses ranging from K-12 expenses to future Roth IRA transfers.
TALLAHASSEE, Fla. – The Florida Prepaid College Board today is encouraging families to take advantage of the last few days of their fall college savings incentive, seeding $50 into Florida 529 Savings Plan accounts opened between September 5 – October 29, 2023.
As little as $25 contributed each month into a Florida 529 Savings Plan could grow to nearly $9,000 over the next 18 years, according to the Florida Prepaid savings calculator.
The savings incentive comes as the Florida 529 Savings Plan has just been named a top-performing plan by SavingforCollege.com, the popular nationwide college planning website.
“We are thrilled to see the Florida 529 Saving Plan recognized as such a strong college savings option for Florida families,” said Florida Prepaid College Board Chairman John D. Rood. “The enhancements to the Florida 529 Savings Plan in recent years continue to reap benefits for Floridians who want to prepare for future education expenses.”
The nationally recognized Florida 529 Savings Plan is a flexible, tax-free investment plan that can be used nationwide for qualified education expenses, including tuition, fees, room, board, books and supplies.
Recent updates to tax rules also now allow families to use their 529 Savings Plan funds toward tuition and mandatory fees for K-12 education. And beginning January 2024, parents with unused college savings in a 529 account will be able to transfer that money to a beneficiary’s Roth IRA (individual retirement account).
The Florida 529 Savings Plan is available exclusively for Florida residents, and there are now more than 130,000 active Plans with more than $1 billion in combined savings.
Investment earnings are tax-free when used for qualified educational expenses. With a 529 Savings Plan, the account owner maintains control and chooses when and how to invest. Families can choose from a variety of investment strategies and options. The simple Enrollment Year Portfolio automatically becomes more conservative as your child nears college enrollment, and it is utilized by more than 80% of families.
To get started saving, visit myfloridaprepaid.com today.
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About the Florida Prepaid College Board
The Florida Prepaid College Board manages the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan. Both are tax-favored 529 college savings plans authorized by Section 529 of the Internal Revenue Code. In 1987 the Florida Prepaid College Program was created by the Florida Legislature and the commitment and dedication of Mr. Stanley G. Tate to provide Florida families with an affordable means to save for their children’s future college education. The first Florida Prepaid College Plans were sold in 1988 and were augmented with the addition of the Florida 529 Savings Plan in 2002. The Board also oversees two direct-support organizations – The Florida Prepaid College Foundation and Florida ABLE, Inc., d/b/a ABLE United. Florida Prepaid is the largest, longest running and most successful prepaid plan in the nation with more than 2 million Florida Prepaid College Plans purchased and more than $15 billion in assets. The 529 Savings Plan has more than 130,000 active accounts with a market value of more than $1 billion.