2022 Backer Savings Scenarios
How any family can use Backer to save smart
529s have been around for decades, but less than half of Americans understand what they are or how to use them — which means an incredibly powerful savings tool is wayyyyy underutilized. The problem is compounded by the fact that the people who do understand 529s tend to be the ones who already have significant financial means, and therefore don’t need them nearly as much as others.
We’re here to change all that. Backer exists to help every family save smarter for college, so you can maximize your savings and send your kids off to college debt-free. We want every family to be able to tap into the tax-free power of 529 accounts — not just the ones who have a financial advisor to enroll them.
Our goal is to make 529s simpler to understand, easier to use, and available to more people. Because when you save with a 529, even small contributions can grow into major savings by the time college rolls around.
For example, it’s entirely possible to save over $15,000 in 18 years with Backer, even if no single person is contributing more than $10 per month.
Let’s take a look at what that could look like for a few different families. Below are several scenarios illustrating how people can band together to ensure the children they love make it to and through college without mountains of debt (each assuming 10% annual growth). Please see disclosures about investment risk here.