May 29, 2015

National 529 Day - Florida 529 Savings Plan,BB Could've Used You!!!

This post is sponsored by Florida College Prepaid and Bloggin' Mamas, with personal experiences and views being 100% all Babushka.

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Thanks to the Florida College Prepaid Plan, My Eldest was able to receive her Bachelor’s at Florida State University.

HolaHolaHola My Beautifuls!

Today is 5/29 and we’re going to be talking about the 529 Savings Plan. Clever of la gente del Florida 529 Savings Plan verdad? Also clever is the actual plan itself. A little history and info: “529 savings plans are named after section 529 of the Internal Revenue Code 26 U.S.C. § 529 and are designed to encourage saving for future higher education expenses of a designated beneficiary.” Future education expenses...

As parents, we all want our children to have wonderful lives with marvelous careers.  Even before their birth, we’re already thinking about their future and how we can help them be successful. Babushka was no different. When The Trio were little, the Florida College Prepaid Plan was enacted and thankfully Babushka was able to pay the plan for them. As you saw, My Eldest used the plan to get her Bachelors of Arts, and My Little One just received her AA and is going onto her Bachelors thanks to the plan.  My son MAC went into the Marines and is a Master Electrician, thus he didn’t need his plan and is transferring it to his youngest son.

Back in the day the Florida College 529 wasn’t available, otherwise BB DEFINITELY would have started one. With only $25 Babushka could have opened an account and continued to contribute whenever/whatever was possible. Oh how that would have helped when all the incidentals like lab fees, parking fees, equipment fees, etc. had to be paid! Because I had the Prepaid it was for incidentals, but if you have the 529 Savings plan you could use the plan for so much more. “Money from a 529 plan can be used for tuition, fees, books, supplies and equipment required for study at any accredited college, university or vocational school in the United States and at some foreign universities. The money can also be used for room and board, as long as the fund beneficiary is at least a half-time student. Off-campus housing costs are covered up to the allowance for room and board that the college includes in its cost of attendance for federal financial-aid purposes.

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And the flexibility! YOU choose the investment option, then put in as much and as often as you can. “Even if you can’t save for your child’s entire college education, starting something is always better than doing nothing.”  They ain’t just whistln La Guantanamera with that one My Beautifuls!! There are 11 investment options, and as the years and fortunas siguen, you can change how much you contribute and how they’re allocated at any momento.
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Another benefit of the 529 Savings Plan? With the 529 plan you’re not limited to enrollment dates and can open it at anytime. That extra dinerito in your birthday card from Tia ? Abre la cuenta. The unexpected bonus del trabajo? Open the account. Use your blessings of today to help with your children’s blessing of mañana.

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BB's Blessing of Mañana

Not have them covered w/ Florida College Prepaid & 529 Savings Plan?



P.S. Florida Residency is not required.  Anyone 18 yrs and older who's a US Citizen or Resident alien may open a 529 Savings for a child or adult,regardless of age, who is a US Citizen or Resident alien.  So my fellow Abuelitas- A ABRIR LAS CUENTAS!!!

El website and FAQ for mas detalles.

Bohemian Babushka
Bohemian Babushka

Groovy Spanglish speaking Grandma of 6 who loves life and all its adventures. Motivational while still keeping it real, Babushka shows how all things looked at with gratitude are good, and how to say to la vida- JU SO FONII!!!

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