It’s never too soon (or too late) to save for college
Giving the gift of education – whether it’s for a child, grandchild, family friend or even yourself – can have a lasting impact, perhaps for generations to come. A 529 plan is a savings vehicle that can be established for anyone. Here are some benefits of having a 529 plan:
- Tax Advantages: A 529 provides tax-deferred savings and tax free withdrawals of earnings used for higher education. Many states also give tax benefits to 529 plans.
- Flexibility: Anyone can invest on behalf of the child. You can use it at any Department of Education eligible institution.
- Control: You control withdrawals and changes to the account. Beneficiaries can be changed at the owner’s discretion.
- Diversification: Many plans offer a diversified set of investment portfolios, which often include age based asset portfolios that change as the beneficiary ages.
As tuition costs climb higher than ever, saving early for education opportunities is one of the most important decisions you can make. To learn more about the 529 plan benefits, call our team today to schedule a no cost, no obligation appointment with one of our licensed financial advisors.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC