Have You Considered Opening a 529 College Savings Plan this Holiday Season?

The holidays are a time for giving, and what better gift to give a child than the hope for a brighter future? By contributing to a 529 savings account, you can help them reach their educational savings goals and set them up for future financial success.

What is a 529 savings account?

A 529 savings account is a tax-advantaged college savings account. Contributions to a 529 account grow tax-free, and withdrawals are also tax-free if they are used for qualified education expenses, such as tuition, fees, books, and room and board.

Key considerations of a 529:

• Reducing Taxes
  • Contributions to 529 accounts grow tax-free, and withdrawals are also tax-free if they are used for qualified education expenses.
• Starting Early
  • The earlier you start saving for college, the more time your money has to grow. Even small contributions can add up over time.
• Flexibility
  • 529 accounts can be used to pay for qualified education expenses at any accredited college or university in the United States.
  • Once you have opened a 529 account, you can contribute money at any time. You can make one-time contributions or set up recurring contributions. You can also give a gift of money to a child's 529 savings account.
• Peace of Mind
  •  Knowing that you are helping your child save for college can give you peace of mind and help them avoid student loan debt.

Do you have questions about contributing to a child's 529 savings account?

Contributing to a child's 529 savings account is easy. Most states have their own 529 plans, and you can choose the plan that is best for you. You can open a 529 account online or over the phone.

Please contact an Oppenheimer Financial Professional to discuss the choices that you have and what approach best suits your circumstances.

Interested? Click here to learn more about how you can invest in a child’s education.

^{This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.}

^{This information is general in nature, does not constitute legal or tax advice, and is subject to change. Neither Oppenheimer & Co. Inc. nor any of its employees or affiliates provide legal or tax advice. Individuals and plan sponsors should consult with their legal or tax advisor.}