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How to Know Features and Benefits of 529 College Savings Plans

By Davidrichard Subscribe to RSS | June 28th 2012 | Views:

You work hard to earn your living. Why not invest in a fixed annuity plan and double your savings! Now-a-days, several reputed life insurance companies offer a number of exciting plans. You can greatly benefit by making investments in these plans. You enjoy dual benefit when you invest in a life insurance policy. On one hand, you get life insurance coverage. And on the other hand, you get great returns. It goes without saying that more and more people are getting drawn to life insurance plans. You can easily come across a good insurance company on the net.

BeamaLife is one such company that offers attractive insurance policies. By investing in their plans, you can reap rich dividends. One such plan is the 529 College Savings Plans.

About 529 College Savings Plan: This plan refers to setting aside money in order to save for future college expenses. By setting aside funds, you secure your future or your child’s future. If you are a parent of a little child, you must surely be concerned about him or her. It will, therefore, be most prudent to secure the child’s future by setting aside funds and getting good returns. On the other hand, you also get tax benefits if you invest in this plan. Now-a-days, almost every state allows benefits if you invest under this plan.

The benefits of 529 College Savings Plan can be summed up as:

i. Federal tax benefits: You get federal tax benefits. Your college expenses become tax-free which gives a huge relief to young college-goers.

ii. State tax benefits: Apart from the federal treatment, you are likely to reap benefits of state tax in the way of deductions, exemptions or reliefs. Presently, almost all the American states provide some sort of benefit under this plan.

iii. Fund control: Another massive advantage of this plan is that it allows you to stay in control of your funds. You can decide under what sector your funds shall be channelized. You thus get to hold a reasonable amount of command over your investments. This is a rare sort of benefit since most other plans do not provide so much control of funds. You also take your withdrawal decision yourself.

iv. Flexibility: 529 College Savings Plans are flexible. You are free to revert to a different option under the plan every year. This sort of flexibility is another added advantage of this plan and is rarely seen in other plans.

v. Growth: Your investments grow at a reasonably good rate. Thus, once you invest under this plan, you will notice stupendous growth in only a few years.

BeamaLife is your source to investing in the right plan. It can give you right advice as to where to invest your hard-earned money and how best to double your savings. The organization is a reputed one and has been proactively engaged in this field for the past many years. It can help you to select a proper plan or to invest in a suitable fixed annuity scheme.

Davidrichard - About Author:
Author is expert in insurance sector and works for Beamalife. At present he is writing on Cash Value Life Insurance, Fixed Annuity, 529 College Savings Plans and more topics. Read more.

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