Consider these contribution methods

529 plans are one way to connect with your clients at any stage in their children’s lives. You’re able to suggest how their accounts can receive a major shot in the arm or a regular dose of new funds.

Here are a few ideas to consider:

  • COVID-19 stimulus checks
  • Tax refunds
  • Recurring contributions

Your clients may want to direct some of the funds from their COVID-19 relief stimulus checks or tax refunds into their my529 accounts. This would give the accounts an immediate boost.

Clients also could use the “set it and forget it” method of recurring contributions, a great way to keep funds consistently flowing to their my529 account. Advisors with level 2 or 3 authorization can easily set up recurring contributions for their clients through their my529 advisor portal. Or your client can visit and follow simple steps to set up contributions. Then they can relax as their beneficiaries’ accounts are funded monthly.

With either a large lump sum or a steady stream going into their my529 accounts, compound interest can do its work and help their educational savings grow.