In the late 1980s, American families started to take the tax advantage of a 529 plan, a savings plan to be used solely to fund a college or vocational education. Since then, 49 states and the District of Columbia have implemented 529 plans for their citizens; over 12 million families have saved more than $258 billion through this avenue!
Traditionally designated only for college, university, and vocational school expenses, legislators are now pushing to stretch that 529 savings plans to cover anything related to further skills training or credentialing as it pertains to one’s career, including the trucking industry. This new allotment is called The Freedom to Invest in Tomorrow’s Workforce Act (as opposed to the previous Freedom to Invest in Tomorrow’s Education Act). It is sponsored by U.S. Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN).
These senators and others want students across America to understand that they can have a lucrative career even if they opt out of a college education, and they should have the opportunity to use 529 Plan savings to train for whatever career they wish. This is a proposal that comes with a very important message to students across America: They can have great careers and make an immense contribution to our nation’s economy despite not receiving a college education! Using 529 savings toward skills training and development will allow them to do just that, and should make a considerable dent in the need for truck drivers across the nation as well.
As the U.S. continues to be challenged by a skills and labor force shortage, the Freedom to Invest in Tomorrow’s Workforce Act is one proposed solution to push our economy forward.
In order to take advantage of applying a 529 Savings Plan to a truck driving career, participants can start here by exploring eligible truck driving schools.