The costs of obtaining a college degree can be overwhelming. When confronted with this, some of us may be convinced by others to try and increase our chances of getting financial aid. While there’s nothing wrong with this, I‘ve seen a couple of cases where people have received questionable guidance and were led down a path that was ineffective or potentially harmful.
Dina Megretskaia and Victoria Tejeda explore how these tax-advantaged accounts can help you save and invest for a child’s future educational needs. Much like your 401(k) plan at work, 529 plans offer a set list of investments and the assets inside can grow tax free.
Congratulations! You have four years of tuition, room and board stashed away in your 529 plan, and your child hasn’t even graduated from high school yet. Now you can breathe easily, right? Well … maybe, maybe not.
This time of year, it is always delightful to see signs popping up in the yards of various neighborhood kids and grandkids, announcing their graduations. I am one of those proud parents; our oldest is now 21 and will be a senior at Virginia Tech and my 18-year-old son is heading off to UNC Asheville this fall. It seems like just yesterday that we dropped him off for his first day of kindergarten. He looked so small walking in that big school with his little turtle backpack. Now they both tower over my wife and me at 6 feet, 2 inches! But I digress…
Let’s talk about saving to support loved ones who are eagerly climbing the educational ladder. Even if it’s not relevant for you at your current stage in life, I hope that perhaps you might send this on to family or friends who may find this information helpful.
My middle son is off to college at the end of this summer. While this is not our first rodeo, I feel like in the face of the ongoing pandemic it’s even more important to make sure that critical protections are implemented.
The price of a college education has risen dramatically over the last few decades – in many cases far beyond the rate of inflation.
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