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MI 529 Advisor Plan

MI 529 Advisor Plan: a plan for everyone

Child is business costume

The MI 529 Advisor Plan is comprised of funds from Nuveen, TIAA and other leading asset managers

It also has state tax advantages for Michigan residents. In fact, you can deduct net contributions up to $10,000 (for joint filers) from your Michigan taxable income annually ($5,000 for single filers).

 

Benefits of 529 Plans

It’s never too early to prepare for a loved one's successful future. No matter what their age — with the rising cost of tuition — the time to start is now. Every dollar you can pay for school upfront can equal more than two dollars your loved one won’t need to repay in student loans down the road. This can make saving one of the most cost-effective education funding options out there.

The MI 529 Advisor Plan is a state-sponsored, tax-advantaged 529 savings plan that’s helping families and individuals plan for the cost of education. It is available to any citizen or tax payer, and just about anyone can help contribute including grandparents, aunts & uncles and more. There are a variety of low-cost investment portfolios to choose from including enrollment-year based, target risk, multi-fund and individual fund options.

In addition, a 529 plan offers certain gift and estate tax planning benefits that can be discussed with your tax professional. And withdrawals are tax-free at both the federal and state level when used for qualified education expenses.

You can use the funds for a lot more than just tuition — including required fees, certain room and board costs, books, supplies, as well as computers and related technology costs such as internet access fees and printers. Funds can be used at most accredited colleges and universities in the United States — even certain colleges abroad. And now withdrawals can also be used to pay for up to $10,000 per year of tuition at public, private or religious elementary or secondary schools (K-12).

In fact, Qualified Education Expenses also include expenses for fees, books, supplies and equipment required for the participation of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act; and up to $10,000 repaid (including principal and interest) on any qualified education loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary. To be a qualified expense, the loan repayment amount for an individual is subject to a lifetime limit of $10,000.*

If you’re worried about having the account in one state and attending school in another, don’t be. With most plans, your school choice is not affected by the state of your savings plan. For example, you can be a resident of Michigan and send your student to school in Florida.

 

MI 529 Advisor Plan: a plan for everyone

Favorable tax treatment

Significant flexibility

uGift®:

Professionally managed

 

Balancing saving for higher education with retirement 

While certain types of investment accounts like a classic IRA or Roth IRA can be used to pay for college, their ultimate purpose is to save for retirement. You don’t want your child’s education to come at the cost of your retirement nest egg, so it’s better to save separately and avoid using your retirement fund.

Remember, it’s not about covering all the costs for your child’s college — it’s about saving as much as you can. You still need to look to your own future! You don’t want to have to work longer or become a burden upon your children as they're building their lives. In simple terms, your children can get scholarships or financial help to pay for school, but as a retiree, you won’t have any such options.

 

How much to save?

In short, it all depends on your savings objective and risk tolerance. We encourage you to leverage the College Savings Calculator to get a detailed personalized view. In addition, you should always consult with your financial professional to develop a plan that is advantageous to your financial situation.

 

Work with a financial professional

A financial professional can discuss how a 529 plan fits your overall investment strategy and how you might want to tailor your savings plan. Whether you have been working with a financial professional for years or just starting to look for one, here are questions to help start the conversation.

  1. What are the different ways to save for education goals?
  2. What are the major differences between taxable, tax-deferred and tax-free accounts?
  3. Are there any state-specific benefits based on the state that I reside?
  4. What are the best investments options based on my objectives and goals?
  5. How can I save for retirement while still saving for other large expenses like education?

Don't have a financial professional to work with? Find one today.

Mi 529 Advisor Plan   

*State tax treatment of withdrawals for apprenticeship program expenses, and the repayment of student loans is determined by the state where you file state income tax. If you are not a Michigan taxpayer, please consult with a tax professional.

The MI 529 Advisor Plan (MAP) is offered by the State of Michigan. TIAA-CREF Tuition Financing, Inc. (TFI) is the Program Manager and Nuveen Securities, LLC, member FINRA and SIPC, is the Distributor.

Before investing, carefully consider investment objectives, risks, charges, expenses, and other important information. For this and other information that should be read carefully, please read the MAP Plan Description. Also, consider whether your or your beneficiary’s home state offers any state tax or other benefits, such as financial aid, scholarship funds and protection from creditors, that are only available for investments in that state’s qualified tuition program.

Participation in MAP does not guarantee that the account's assets will be adequate to cover future tuition or other higher education expenses, or that your beneficiary will be admitted to or permitted to continue to attend an institution of higher education. Investments in MAP are not guaranteed or insured and there is risk of investment loss.

This MAP website contains links to other websites. The MAP, TFI and Nuveen Securities, LLC are not responsible for the content of those other websites.

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