Just as you would plan for your retirement, it’s important to plan for college expenses.

The high cost of education and rising inflation means education planning may require an early start. There are a variety of investment options to contribute to the cost of higher education and K-12 tuition. 

529 Plan

We can help you implement education planning into your financial portfolio. One way is setting up a 529 College Savings Plan. These plans are a simple way to save money for your childs’ education and offer many benefits:

  • Contribution limits are extremely high and some states even allow you to take a tax deduction on your contribution. 
  • Earnings accumulate free from immediate taxation as long as the money is used for higher education costs. Qualified expenses refer to tuition, fees, uniforms, supplies, books, etc. 
  • Most plans offer a great deal of flexibility, from making investment choices to changing your beneficiary to determining how to spend the assets. 
  • There are no annual income eligibility limits.

Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer’s official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.

Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.