National 529 Day: Funding your child’s education

INDIANAPOLIS (WISH) — Monday marks National 529 Day, which helps families start saving for college.

The money that is contributed to a 529 plan grows tax-free and can be used at any time for qualified education expenses including private school tuition for K-12, college tuition, room and board, books, computers, printers, internet service, as well as graduate schools, trade schools, and apprenticeships.

Alexander Joyce, president and CEO of Rejoyce Financial joined Daybreak to explain more about the plan and how parents can start the process of saving for college.

“529 is what I like to say, a forced way to save for a college education. Better to save early than just let it sneak up on you. One of the best ways that a 529 works is that it is tax deferred. It is the ability to grow money again,” Joyce said.

Watch the video above for the full interview.