529 plans are state-sponsored investment programs that are designed to help you meet your higher education goals. So if you want to help pay for your child’s college tuition or even the tuition of another family member, 529 plans can help.
529 plan benefits and features
While the IRS sets no specific 529 plan annual contribution limits, states generally limit the total balance within an account to the estimated cost of the beneficiary’s qualified educational expenses. Each state also limits the amount of annual contributions that qualify for tax breaks.1
There are two types of 529 plans: education savings plans and prepaid plans.
Under either plan, if the child you originally started the plan for doesn’t go to college, you can use the plan for another child or even to further your own education.
By offering a range of benefits including attractive tax advantages and flexible investment options, 529 plans can help you save for tuition and even room and board.
A MassMutual financial professional will be with you every step of the way to help you prepare for the future.
During your initial phone call, your financial professional will ask you questions to understand your financial goals and objectives.
After looking at your entire financial picture, your financial professional will provide you with suggestions to fill in the gaps so you can choose the products best suited for your situation.
If you're satisfied with the recommendations, your financial professional will secure the products and services to help ensure your financial future.
Your financial professional will work with you over time through periodic reviews to help you monitor your investments and reach your financial planning goals.
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1 Check with your tax advisor for help with your specific circumstances.
2 Generally, you can also use your state’s college savings plan to pay for tuition in any other state.
The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
Securities offered through registered representatives of MML Investors Services, LLC, Member SIPC®(www.SIPC.org) and FINRA (www.FINRA.org) and a MassMutual subsidiary, 1295 State Street, Springfield, MA 01111-0001.