To speak with a TIAA College Savings Consultant, please call us at 866-717-9452.
The AARP College Savings Solutions from TIAA is provided by TIAA not AARP or its affiliates. TIAA pays a royalty fee to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP does not employ or endorse TIAA associates.
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We’re TIAA, a full-service financial services company with $854 billion in combined assets under management (as of December 31, 2015).
That’s not all. We’re a leading provider of retirement benefits, committed to the financial well-being of all our customers since 1918. With today’s economic climate, people and institutions are looking for a trusted firm they can rely on for a unique combination of advantages. At TIAA, we make you feel good about your financial well-being. For almost 100 years, we’ve been listening to you, advising you, and helping you feel confident about making financial decisions for now and for the future.
TIAA-CREF Tuition Financing, Inc. (TFI) is a leading provider of services to state 529 college savings plans and currently acts as Plan Manager for 10 college savings plans across the country. TFI is an indirect wholly owned subsidiary of TIAA.
College costs are rising. TIAA managed college savings plans can help AARP members and their families prepare for college. We’re a leader in helping the academic, medical, cultural, governmental and research fields plan for retirement and life’s other goals.
The biggest benefit of 529 plan accounts is that they can provide sizable tax advantages. At the federal level, your contributions can grow tax free. When you withdraw the money to pay for your child’s or loved one’s qualified college expenses, you pay no taxes on any earnings. There are no tax forms to bother with until you start making withdrawals.
The same is true at the state level: 529 plan accounts incur no state taxes while the account balance grows or when you make qualified withdrawals. A number of states also let you deduct your annual contribution against your income, potentially lowering your state tax bill. Every state plan is different, so be sure to evaluate the benefits of the plan in your state. You can purchase a 529 savings plan from any state and use it in any state.