#WhyI529 December Spotlight
Giving grandchildren the chance to soar
Barry and Cindy Mayhew opened 529 college savings accounts for their grandchildren, Max and Isabella, on their first birthdays. They plan to do the same for their third grandchild due this month. Here, they share their story …
Why did you open the 529 accounts early?
“I knew the most important factor to help our grandchildren long-term was opening the accounts early when they were young, so our investment could compound with time and grow. With an 18-year runway (until they graduate high school), it gives us time to weather the up and downs of the market. Time is on our side. The other key to success is regular investments. We contribute on our grandchildren’s birthdays, and set up the account so anyone else also could give. We know this may not cover the full cost of college, but it will certainly help.” – Barry
Why is saving for college important to you?
“Our grandchildren are the light of our lives. We see them regularly and want nothing but the best for them. These 529 plans give us a way to impact and be a part of their future. I have no idea what they will choose to become, but the plan’s flexibility will help them pursue their passion – whether that means technical training or traditional college or beyond.” – Cindy
Any other thoughts?
“If you don’t save now for higher education, you take a chance that college may not be a possibility for your loved one because it’s a major financial burden. Tuition costs are only increasing. Yet, you can be prepared by planning ahead and saving what you can consistently. I think opening college savings accounts is one of the best things we can do for our grandchildren.” – Barry