Hey! Did you know that 529 Plans can help cover your higher education costs?

529 Plans are savings plans sponsored by states, state agencies, or educational institutions. They help manage savings for the long term, can offer tax benefits, and generally provide a variety of investment options.

The choice to open a 529 plan involves making an investment decision to set aside a small amount of money each month to be used for college expenses. What happens if your child doesn’t go to college? Unused funds may be transferred to another eligible beneficiary in the family or may be withdrawn, which may trigger some taxes and penalties on the earnings.

For more information about 529 Plans, visit the Money Mentor tool at southernbank.com/getwell. See you next time on Money Matters!

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