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September 8, 2011

 

DiNapoli: Open a New York 529 Account for College Savings Month


New York State Comptroller Thomas P. DiNapoli has joined leaders from other states in declaring September "College Savings Month" to increase awareness about the importance of saving for children's higher education expenses.

"Our children deserve the brightest futures possible," DiNapoli said. "That is why it is so important for families to start saving for their higher education. New York's 529 College Savings Program is flexible, convenient and inexpensive. It's a great way for families all over New York State to put money toward their children's future education. It's never too early or too late to start."

DiNapoli also encourages companies to consider offering New York's 529 College Savings Direct Plan as a voluntary benefit for their employees. Payroll direct deposit lets employees save for higher education with every paycheck.

New York's 529 College Savings Program Direct Plan currently has approximately 560,000 accounts and over $1.9 billion in assets. Participants can save for their children, grandchildren, friends – or even themselves. The Direct Plan is designed to provide a number of benefits for families saving for college, including federal income tax advantages such as the ability to grow assets tax-deferred and make tax-free qualified withdrawals. Any New York taxpayer can invest in New York's 529 College Savings Plan and deduct up to $5,000 (or up to $10,000 for married couples filing jointly) from their state taxable income each year.

For more information on New York's 529 College Savings Program, please call toll-free 1-877-NYSAVES or visit www.nysaves.org.



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