A key component for employees’ well-being
Gone are the days when job satisfaction was largely about pay. The recent “Great Resignation” has employees across the nation evaluating their benefit packages and looking for greener pastures. Today, any serious discussion regarding compensation must also include financial wellness. Next to having adequate savings for retirement, having funds for education is one of the most important components of financial well-being.
April is Financial Literacy Month, a month dedicated to promoting financial wellness. An easy way to flex your financial wellness is to set up an account with my529, Utah’s educational savings plan.
You can offer my529 as a benefit to your employees at not cost to you.
Saving has an advantage over borrowing, because with a loan you have to pay back the money with interest. With a my529 account, your investment has the potential to grow over time. A little bit of savings goes a long way toward paying for additional schooling for yourself or your dependents. And if student loans are already part of your financial story, my529 funds can be used to help you with those, too.
A my529 plan offers built-in versatility. The money invested in a my529 plan can be used to pay tuition, fees, and other qualified education expenses. my529 account funds can even be applied toward the cost of registered apprenticeships. Other eligible costs include certain K-12 tuition expenses, or making payments on qualified student loans (up to certain limits). Account funds are also transferrable to other family members.
The bottom line: There is no downside to planning ahead and saving for educational expenses. Learn more about how a my529 account can help you reach your savings goals at my529.org.