As a father, I understand the hopes parents have for their children’s future — and the worries that come with preparing to pay for it.
Whether your dream is to send your child to college, help them pursue a skilled trade or support them in other educational goals, planning ahead can make all the difference. That’s why I want to talk to you about Missouri’s MOST 529 Education Savings Plan.
Each year on May 29 — National 529 Day — we celebrate the power of saving early for education. A 529 plan is one of the best tools available to do just that. It allows families to invest in their loved one’s future with the benefit of tax-free growth and state tax deductions of up to $8,000 for individuals or $16,000 for married couples filing jointly. And with Missouri’s MOST 529 Plan, you can use those funds for more than just college. The savings can cover registered apprenticeships, K-12 tuition, room and board and even laptops and other equipment.
To encourage more families to get started, I was proud to launch a special promotion in May: New MOST 529 account holders who contribute $50 can receive a $50 match. Hundreds of Missourians took advantage of this simple way to jump-start their child’s educational future.
Since I took office, we’ve seen nearly 10,000 new MOST 529 accounts opened. That brings us to more than 198,000 funded accounts across Missouri, with $4.5 billion in assets dedicated to building a brighter future for our children and grandchildren.
The best time to start saving is today. Every dollar you set aside now is a dollar that can grow, free from state and federal taxes. And with tools like the “Ugift” code, friends and family members can easily contribute to your child’s account as well.
I encourage every Missouri family to learn more about MOST 529 and consider opening an account. Even a small start can go a long way. Visit www.missourimost.org or call 888-414-MOST to get started.
Let’s make the dream of education more affordable and more achievable — for every child in Missouri.