Edward Jones financial adviser Scott Burton will celebrate Save for Education Day on Friday in a variety of ways, including wearing his favorite collegiate attire to his branch office in Hot Spring.
In fact, in Edward Jones branch offices across Hot Springs and nationwide, Edward Jones associates will be dressed in attire from their favorite colleges or their college alma maters to celebrate the firmwide "holiday."
Edward Jones is recognizing May 29 (5/29) as Save for Education Day, a firmwide holiday that's name is derived from a popular college saving tool called a 529 Plan.
"At Edward Jones, we know that seven out of 10 families do not have 529 college savings plans for their children's future education expenses (Savingforcollege.com, 2014), so we are hoping to build awareness of the many options families have to help pay for college expenses," Burton said in the release.
One option is the tax-advantaged 529 college savings plan, which gets its name from Section 529 in the Internal Revenue Services tax code.
Features of a 529 college savings plan include:
• Tax advantages -- Withdrawals are federally tax-free when used for qualified higher-education expenses, such as tuition, room and board, books and more. However, withdrawals used for nonqualified expenses will be subject to taxes and a tax penalty.
• Flexibility -- Withdrawals can be used for qualified expenses at any eligible college or university in any state and even some schools abroad.
• Control -- The account owner, not the beneficiary (student in most cases), retains control over the account. By retaining this control, one can ensure that the proceeds are used as intended.
Edward Jones, a Fortune 500 company, provides financial services for individual investors in the United States and, through its affiliate, in Canada. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm's 14,000-plus financial advisers work directly with nearly 7 million clients. Edward Jones, which ranked No. 6 on Fortune magazine's 100 Best Companies to Work For in 2015, is headquartered in St. Louis. Fortune and Time Inc. are not affiliated with and do not endorse products or services of Edward Jones. Edward Jones is a member of SIPC.
Business on 05/25/2015