![]() ![]() Savings plans within the first year of life also positively impacts several key areas of a child’s development, including academic performance and social-emotional growth. The BabySteps Savings Plan helps build a culture centered on savings for the future, and encourages responsible budget management for a child’s life. This savings plan, however, highlights the importance of education right from the start of your adopted child’s life. In the grand scheme of things, $50 may not seem like a whole lot of money – especially when you consider the hefty price tag that comes with a college degree. The Benefits of BabySteps for Adoptive Families Parents of children who are adopted must complete this Adoption Verification Form. Fund 529 College Investing Plan account, within one year of the birth or adoption date Born or adopted on or after January 1, 2020.In order to be deemed eligible for the savings program, a child needs to be: It takes effect as soon as families enroll. How exactly does the new BabySteps Savings Plan work in Massachusetts? Read on, as we explore who is eligible and what it means for adoptive families in the Bay State.īabySteps is a statewide, seeded college savings account program designed to help families get a kickstart on their children’s future. Research shows that children of low- and moderate- income families who save for college are three times more likely to attend college, and four times more likely to graduate than those who do not save. The goal of the program is to boost college attendance and graduation rates for Massachusetts students, as well as increase the number of families saving ahead for higher education.Ī college savings plan is a great way to ensure that your child has a bright future. This education savings program is the first of its kind in the state of Massachusetts. It may not seem like much, but these “baby steps” are a great way to help get the savings going in your family. Starting in January 2020, any child born or adopted may enroll in the program and receive a $50 deposit to their college savings account. In December 2019, Massachusetts State Treasurer Deborah Goldberg announced the launch of a new program – called the Baby Steps Savings Plan – to help families get a jumpstart on their children’s college savings. There is, however, some good news for parents in Massachusetts, and it begins with “BabySteps.” ![]()
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