A Smart Way to Kick Off Summer Planning
As the school year winds down and summer plans begin to heat up – vacations, camps, and a little more time by the pool – May 29th offers the perfect moment to hit pause and think ahead. Known as 529 Day, May 29 (5/29) is a reminder to prioritize saving for education, one of the most important long-term investments you can make for your children – or even yourself.
What is 529 Day?
529 Day is a national effort to raise awareness about 529 education savings plans, which are tax-advantaged accounts specifically designed to help families and individuals save for education-related expenses. Whether you’re planning for college, K-12 private school, an apprenticeship, or continuing education, a 529 plan offers flexibility, growth potential, and tax benefits that make it a valuable part of your financial toolkit.
Why It Matters
The rising cost of education can feel overwhelming. But the good news is that you don’t have to tackle it all at once – you just have to start. Research shows that children with even modest college savings are significantly more likely to attend and graduate from college. And with a 529 plan, every dollar you save today has the potential to go further, thanks to tax-free growth and potential state tax benefits.
Five Ways to Take Action This 529 Day
1. Open a 529 Account
If you haven’t yet, 529 Day is a great time to open a 529 savings account. Many plans allow you to get started with as little as $25 – or even less. You can open an account for your child, a grandchild, a friend, or even yourself.
2. Set Up Gifting Options
Saving doesn’t have to be a solo effort. Most 529 plans offer simple gifting tools so grandparents, family members, and friends can contribute to your child’s education fund. Consider asking for contributions in lieu of gifts for birthdays or holidays.
3. Make a One-Time Boost
Already have an account? Celebrate 529 Day by making a one-time contribution – big or small. If your state offers tax incentives for 529 contributions, that extra gift could also come with a financial benefit today.
4. Automate Your Savings
Consistency beats intensity when it comes to saving. Set up recurring monthly contributions, even if it’s just $10 or $25. Automating your savings helps you build a habit without the need to remember to log in each month.
5. Pay It Forward
If your own 529 savings are on track, consider making a contribution to someone else’s account – a niece, nephew, grandchild, or friend’s child. Education has a ripple effect, and your generosity could make a lasting impact.
Final Thoughts
This 529 Day, while you’re dreaming of warm weather and well-deserved time off, take a moment to invest in the future. Whether you’re starting small or adding to an existing plan, every step forward in your savings journey is a gift that keeps giving.
If you have questions about how to start a 529 plan or how it fits into your overall financial strategy, we’re here to help.
About the Author
Reid Ruark is a client manager with Income & Estate Planning Partners, where he helps individuals and families create personalized financial strategies with a focus on cash flow, retirement, and long-term planning. He is passionate about building trust-driven relationships that support clients through every stage of life.
About Income & Estate Planning Partners
At Income and Estate Planning Partners, we help individuals and families take control of their financial futures through thoughtful, customized strategies. Our team specializes in income planning for retirement, tax-efficient investment solutions, and estate planning designed to protect your legacy. With a planning-first approach, we work to simplify complex financial decisions so you can feel confident about the road ahead. Whether you’re preparing for retirement, navigating major life changes, or planning for future generations, we’re here to walk alongside you every step of the way.
Disclosure
The information provided in this article is based on sources believed to be reliable; however, accuracy and completeness cannot be guaranteed. This content is for general informational purposes only and is not intended to provide specific legal, tax, or investment advice. Please consult with a qualified legal or tax advisor regarding your individual circumstances. Nothing in this material should be interpreted as a recommendation or solicitation to buy or sell any security.