According to a Reuters article shared by CNBC.com earlier this week "Should You Superfund Your 529 College Savings Plan?", college costs have reached an average of $40,917 a year for a private four-year college and $18,391 for a state school, as researched by the College Board. These high numbers along with ever-increasing tax rates have affluent families and wealthy grandparents considering strategically "superfunding" a 529 college savings plan as a way to aggressively cover college costs while also saving on taxes.
If you are interested in finding out about the benefits of contributing to a 529 plan, click here to read the full article.
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