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College Savings Plans

529 College Savings Plan

Coverdell Education Savings Account

UGMA and UTMA Accounts

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Modern Woodmen Bank

College Savings Plans

No matter where you stand today, it’s never too late to save for your college education goals. Modern Woodmen offers excellent savings plans that can help you get on the right track.

- 529 College Savings Plan
  A 529 College Savings Plan allows you to make annual contributions in some cases greater than $250,000 toward education expenses. These funds are held in a special tax-deferred account, and you retain control over how your funds are invested.
- Coverdell Education Savings Account
  You can contribute up to $2,000 per year toward education expenses with a Coverdell Education Savings Account. Investment earnings and qualifying withdrawals are free from federal income tax

- UGMA and UTMA Accounts
  With a UGMA (Uniform Gift to Minors Act) or UTMA (Uniform Transforms to Minors Act) Account, you can make convenient financial gifts to a minor. Although commonly used to fund educational expenses, assets in these accounts can be used for the general benefit of the minor.

Securities offered through MWA Financial Services Inc., a wholly owned subsidiary of Modern Woodmen of America, 1701 1st Avenue, Rock Island, IL 61201, 309-558-3100. Member: FINRA, SIPC. Products are available in most states. Individual representatives may not be licensed to sell all products.

529 College Savings Plan earnings grow tax deferred, and withdrawals for qualifying higher education expenses are free from federal income tax. If the distributions are non-qualifying, the earnings portion may be subject to income tax and a 10 percent penalty. Consult your tax advisor.

Coverdell Education Savings Account earnings grow tax deferred, and withdrawals for qualifying education expenses are free from federal income tax. If distributions are non-qualifying, the earnings portion may be subject to income tax and a 10 percent penalty. Earnings become taxable if assets are not distributed or transferred by the time the beneficiary reaches age 30. The 10 percent penalty may be waived in certain circumstances. This benefit is set to expire Jan. 1, 2013, unless extended by Congress. Consult your tax advisor.