The state Treasurer’s office is having a giveaway, to make a point.
Some lucky Missourian will win $529 for college by entering, online, the MOST – Missouri’s 529 College Savings Plan $529 giveaway.
Treasurer Clint Zweifel says Missourians can get a MOST account started for their children for as little as $25.
“So, it’s safe, it’s simple, it’s easy and affordable and it’s really a good story of how small investments can make a big impact on savings,” Zweifel says. “We know that saving small amounts can make a big impact in this program.”
The 529 Section of the federal tax code provides the tax exemption for the savings account if used for college. Contributions to the Missouri MOST program can grow free from federal and state income taxes until withdrawn. Participants choose from a variety of investments with options from Vanguard and American Century Investments.
Zweifel says it doesn’t take much effort to reap big benefits.
“$50 a month when your child is born and you do that for 18 years, you’re going to have about $17 or $18,000 for their college education at a very reasonable growth rate,” according to Zweifel.
The MOST 529 program in Missouri was more than 123,000 accounts with $1.3 billion in assets, an all-time high for the program. Go to the 529 link on the state Treasurer’s web page to enter the contest. You have until the end of the day May 31st to enter.