Quick links
Join us Tuesday morning at 11 for our next 529 webinar.
Every dollar counts, so the SSGA Upromise 529 Plan was designed to help families maximize the dollars they have to save for college.
Cost to invest
As with any investment product and any 529 plan, there are fees associated with investing your money. The SSGA Upromise 529 Plan is an affordable option:
- No enrollment fee for starting your account.
- Annual account fee of only $20, which is waived if you are or the beneficiary is a Nevada resident or invest in the Savings Portfolio.*
- Variety of low-cost investment options, which apply a minimal percentage charge based on your account balance.
Contribution levels
Depending on your personal circumstances, you may want to invest small amounts regularly or bigger amounts when you can. The SSGA Upromise 529 Plan allows for many different options to suit your needs.
To open the account, you can:
- Make a one-time contribution of $15 or more by electronic bank transfer or check.
- Make recurring contributions** of at least
- $15 per month by electronic funds transfer, or
- $15 per pay period through payroll direct deposits.
After your account is initially funded, you can still contribute at any time through:
- A one-time contribution of $15 or more by electronic funds transfer or check.
- Recurring contributions** of at least
- $15 per month by electronic bank transfer, or
- $15 per pay period through payroll direct deposits.
There are maximum contribution limits to be aware of:
- Federal gift tax laws cap annual contributions at $16,000 (or $32,000 if married and filing jointly).
- Federal gift tax laws do allow for five years' worth of tax-free gifts at one time, totaling $80,000 per beneficiary in a single year ($160,000 for electing married couples)***; contributions are considered completed gifts and are removed from your estate.
- The SSGA Upromise 529 Plan account balance maximum is $500,000.
*The fee is waived if the account owner or beneficiary has a Nevada permanent address or mailing address on file, or if the account owner is invested in the Savings Portfolio at the time the annual account maintenance fee is assessed.
**Regular investments cannot ensure a profit or protect against a loss in a declining market.
***In the event the donor does not survive the five-year period, a pro-rated amount will revert to the donor's taxable estate.