May 5, 2021
Do you have children or grandchildren that aspire to attend college one day? Do you want to open a college fund, but do not know how or think it is too late to start saving? You are not alone. A recent survey found that only 35% of Americans are aware 529 plans exist, and only 25% know they are used for educational savings. These are staggering numbers considering how beneficial 529 plans can be when deciding how to save for a child or grandchild. Some of the benefits include tax free earnings growth when used for qualified education expenses, flexible gifting and savings options, ability to use funds for college or certain K-12 expenses, and the option to easily transfer an account between family members. While most financial advisors do not discuss 529’s and educational savings with clients, we do! Reach out today to learn more about 529’s and how they may benefit you and your family!
Carol Dixon, CFP® & Kevin DeRosa, CRPC®