Latest news with #MaryMorris
New York Times
16-05-2025
- Business
- New York Times
Want a Gift for Opening a 529 College Savings Account?
If you're considering opening a 529 college savings account for your child, this may be the time to do it: Some state plans offer cash incentives in May. Many students are about to move from one phase of their education to the next, whether it's completing kindergarten or finishing middle school and moving on to high school. 'It's a time when people are thinking about education,' said Mary Morris, the chief executive of Virginia's Commonwealth Savers program and chair of the College Savings Plans Network, a group for 529 plan administrators. That's why 529 plans often promote perks now — to spur contributions. Offers range from modest matching gifts for opening or adding to an account to sweepstakes-style events dangling thousands of dollars in prizes. Recent stock market gyrations may have given some parents pause about investing. But if saving starts when children are young, there's time to ride out market swings. Richard Polimeni, managing director of education savings programs at Merrill and Bank of America, said he opened 529 accounts for his children soon after they were born. 'There's nothing that's even close to a 529 if saving for college is your primary goal,' he said. What is a 529 account? Named for a section of the tax code, state-sponsored 529 accounts are for saving or investing money for college costs and other educational expenses. Money in the accounts grows tax free. In addition, some states offer tax breaks for 529 contributions, though there is no federal tax deduction. Funds can be withdrawn tax free to pay for eligible spending on tuition, housing, food, books and supplies. (Withdrawals for nonqualifying costs are subject to income tax, plus a penalty.) At the end of 2024, there were about 17 million accounts holding $525 billion, or an average of nearly $31,000 each. What sort of cash incentives are we talking about? Pennsylvania's 529 College and Career Savings Program is offering savers the chance to win $5,529 for their college accounts if they deposit at least $10 during May. Six prizes will be awarded. West Virginia is holding a drawing to choose the winner of a $15,000 prize that will be deposited into a Smart529 account. Entries must be submitted before midnight on Friday. Alabama's CollegeCounts program is offering the chance to win a $529 contribution to accounts for babies born between May 29, 2024, and May 29 this year. And Utah's my529 plan is offering up to $40 in matching contributions for participants who open an account this month for a beneficiary new to the program. Contestants who submit a photo by May 29 of the person they're saving for will be entered into a drawing to win one of five contributions of $529 into an Indiana529 account. Virginia's offer, Ms. Morris said, will deposit $25 into Invest529 accounts that are opened on May 29. (An expanded list of state offers is available on the savings network's website.) The most effective way to save for college is generally to start early and make regular contributions while your child goes through school, said Liz Miller, a certified financial planner in Summit, N.J., and chair of the Certified Financial Planner Board of Standards, which sets standards for the financial planning profession. But if a state incentive or bonus can help savers get started, she said, that's a plus. Some states tie promotions to regular contributions. California's ScholarShare 529 program, for instance, is offering a $50 bonus to savers who open a new account between next Tuesday and May 31 — if they commit to making a monthly contribution of at least $50 for six months. How much does college cost these days? The average cost of attending college — including tuition, fees, housing and meals — ranges from $14,440 a year at a two-year community college to about $25,000 at a four-year, in-state university to almost $59,000 at a private, four-year college. Books, supplies and personal expenses are extra. (Those totals reflect 'sticker' prices published by colleges for the 2024-25 school year, but many students pay far less, after financial aid.) Why should I save in a 529 plan? With college costs being steep, the accounts can help families save for higher education and reduce borrowing, Ms. Morris said. The federal student loan system has recently been in turmoil, in part because the five-year pause on payments and collections, a legacy of the Covid-19 pandemic, ended. About a quarter of student borrowers who are currently required to make payments are considered delinquent, surpassing levels in early 2020 before the pandemic, the Federal Reserve Bank of New York reported on Tuesday. Borrowers who don't get back on track face forced collections and damaged credit scores, which can set them back financially. To avoid over-borrowing, students should aim to borrow no more than their anticipated annual salary upon graduation, said Mark Kantrowitz, a financial-aid expert. Ms. Morris suggested that families consider paying for college using this formula: Plan on paying for one-third out of current income earned by the family and the student; one-third through saving and investing, including a 529 plan; and a third through borrowing. Ms. Miller said she recommended that families consider a 'direct sold' 529 plan, which allows savers to enroll and select from a menu of investment options on their own. Some states also offer 'adviser sold' plans, in which a financial professional manages your account, but they tend to have higher fees. Can 529 accounts be used for more than paying for college? In recent years, tax law updates have made the accounts more flexible. They can also be used to pay tuition for kindergarten through high school, as well as for apprenticeships. In addition, up to $10,000 from a 529 can be used to repay the beneficiary's student loans. And under the federal law known as SECURE 2.0, up to $35,000 in a 529 account can be rolled over into a Roth individual retirement account for the beneficiary of the 529 account, if certain conditions are met. The Roth option helped some parents overcome concerns about saving in the account if their child decides not to attend college. Do I have to be a resident to qualify for a state's 529 incentives? You can open a 529 account in any state that offers one, even if you don't live there (although opening one in your own state may offer state-level tax breaks that can enhance your savings, Ms. Miller noted). Rules on promotions vary, however, so check the offer's details. California's offer is available to residents of all 50 states, and Ms. Morris said Virginia's bonus for May 29 contributions is open to anyone. Pennsylvania's offer is restricted to account owners who are residents of the state. They may, however, use the account to save for a beneficiary who lives in another state, such as a grandchild. Under a recently adopted change in financial aid rules, grandparents can save for a grandchild's college education without affecting the child's eligibility for financial aid.
The Herald Scotland
24-04-2025
- General
- The Herald Scotland
Royal Mail to release stamps to celebrate 80th VE Day
People featured include George Arthur Roberts, who was the first black man to join the London Auxiliary Fire Service in 1938 and Mary Morris whose diaries describe how she nursed troops returning wet and wounded from Dunkirk. A stamp will also honour John Harrison who served in the Royal Navy on the destroyer HMS Belfast and was responsible for maintaining 'A' and 'B' gun turrets at the front of the ship. The stamps will honour men and women who made contributions during the Second World War (Image: Royal Mail/PA Wire) Bhanbhagta Gurung, who fought in Operation Longcloth in Burma, now Myanmar, and was awarded the Victoria Cross for his bravery under heavy fire, will also be honoured in the stamp collection. Thomas Peirson Frank, a civil engineer and surveyor whose rapid-response teams repaired more than 100 breaches of the Thames wall during air raids, and William Tutte, a codebreaker whose work was key to decrypting the Lorenz cypher, the German code used for top-level communication and intelligence, will also be honoured. Royal Mail to use special VE80 postmark on mail in May Royal Mail will be applying a special VE80 postmark on stamped mail in the week of the anniversary in May. The business is also supporting VE Mail, a letter-writing initiative connecting schoolchildren with Second World War veterans. A mini-sheet of stamps has images of Dame Vera Lynn from different aspects of her wartime career (Image: Royal Mail/PA Wire) How to pre-order VE Day 80th anniversary stamps at Royal Mail Emma Gilthorpe, chief executive of Royal Mail, said: 'Behind every victory of a nation there are countless unsung heroes whose courage and sacrifice shaped the future of the world. Recommended reading: 'On VE Day, we remember not only the leaders and generals, but the silent warriors whose contributions echo through history. 'For the 80th anniversary of VE Day, Royal Mail is proud to issue these stamps honouring the courage, sacrifice, and resilience of those who fought for freedom and peace.' The stamps and a range of collectable products are available to pre-order from Thursday, April 24 and will go on general sale from Thursday, May 1.
Yahoo
28-03-2025
- General
- Yahoo
VT volunteer dedicates retirement to disaster relief with the Red Cross
ESSEX JUNCTION, Vt. (ABC22 FOX44) — Mary Morris has been responding to disasters for the past two and a half years. Her volunteer work with the American Red Cross has taken her to places as far as Florida, Mississippi and North Carolina. But the 62-year-old from Essex has also responded to disasters closer to home, including the July 2023 and 2024 floods. 'We were literally driving around bringing buckets and mops and gloves to people that couldn't get out,' said Morris. The retiree, who specializes in mass client care, often works in disaster shelters, getting people connected with the right resources. Morris says while her assignments can be grueling, they are also incredibly humbling. 'It's hard work but that doesn't scare me. I have been blessed by meeting some wonderful people, both those that have been affected by the storm and those that just turn around and want to help somebody and teammates that I have made lifelong friends with.' John Montes, a Northern New England Regional Disaster Officer, tells me the Red Cross responded to over 400 requests for services in Vermont last year— with close to 50 Vermonters volunteering during the 2024 floods. 'If you're doing a good job helping people and people know we're out there to do that and they say thank you because we're there when something bad happens to them— it's pretty amazing,' he said. Montes says some of the disaster services the Red Cross provides includes immediate on-the ground assistance, financial support, mental health services, spiritual care and case work. But at the end of the day, for volunteers like Morris, much of their work is about bringing people together. 'And that's what community is all about, making sure that we remain strong for each other and that we can move forward and grow,' she said. You can learn more about volunteering and disaster services by visiting Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
