Smart Ways to Save for Your Child’s Education with Arizona’s 529 Plan
With the ever-changing economy, saving for your child’s future education can feel overwhelming. But one of the smartest financial moves you can make is opening an Arizona 529 College Savings Plan. In a recent episode of Smart Living, I had the pleasure of speaking with Kimberly Yee, Arizona’s State Treasurer, about how families can prepare for educational expenses—no matter what the economy looks like.
What is the Arizona 529 Plan?
The Arizona 529 Plan is a tax-advantaged savings account designed to help families set aside money for future education costs. Whether your child chooses college, vocational school, or workforce training, this plan ensures you’re financially prepared.
Key Benefits of an AZ 529 Plan:
✔ Tax Advantages – Contributions are eligible for a state tax deduction (up to $2,000 per person, $4,000 for married couples filing jointly). Plus, funds grow tax-free! ✔ Flexible Use – The money can cover tuition, books, technology, and more. ✔ Multiple Investment Options – You can choose from vendors like Fidelity and Goldman Sachs, tailoring investments to your risk level. ✔ Contributions from Anyone – Parents, grandparents, aunts, uncles—anyone can contribute and receive the tax deduction! ✔ No Minimums – Start with as little as $15 per month.
Why You Should Open a 529 Plan Today
Many parents hesitate, waiting for the “perfect time” to start saving. But as Treasurer Yee pointed out, not opening the account at all is often the biggest mistake. Once you take that first step, you’ll be more likely to continue adding funds. And with tax advantages, your money can grow significantly over time.
How to Get Started
Opening an AZ 529 plan is quick and free. Simply visit AZ529.gov to explore your options and open an account. The sooner you start, the more you’ll save!
Special Contest for Kids!
Encourage your child to dream big! The Arizona 529 Art Contest invites K-6 students to draw what they want to be when they grow up. Winners receive $529 towards their AZ 529 plan! Submissions are due by March 9th, so don’t miss out.
