Paying for a child or grandchild’s education costs is a noble goal. Whether you’re paying tuition costs now or saving for future education costs, it’s important to determine if your education strategy is compatible with pursuing your retirement income and related financial objectives. Tax considerations and retirement income needs must be carefully weighed and evaluated before choosing a specific strategy. It’s important to remember that while education expenses can be funded through borrowing, retirement expenses cannot.
529 College Savings Plans continue to grow in popularity and can be a good choice for many families seeking to set aside funds for future education expenses on a tax-deferred basis. However, it’s important that 529 Plan account ownership is established correctly to avoid adversely impacting the student’s ability to qualify for certain types of student aid. We can help you determine the right strategy for your family’s needs.
As independent advisors, we are under no pressure to recommend specific education savings programs or proprietary products of any type. Our only concern is which program best meets your needs.
Contact Us to find out if a 529 Plan is the right choice for your college planning needs.
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.