Have you considered investing in a college savings plan, such as what is commonly called a “529 plan”? If you’re like most people, you want to help contribute to your child’s education by saving for his or her many college expenses. It can be stressful committing to the best savings plan so that you’re able to reach your goals. With the right plan, you can benefit greatly while investing in your child’s future. Take a look at the information below to learn the benefits of a college savings plan for your child.
What are some of the benefits?
- Many plans allow you to make a small monthly contribution. This makes it possible to save for your child’s future, even if you have a small budget.
- Many plans can be taken advantage of even if you live out of state. This allows you to find the best possible plan for your needs.
- Some college savings plans allow you to prepay for the cost of an education. This allows your child to go to school knowing that his or her expenses will be fully funded.
- Most plans have a variety of tax benefits so that you’re able to save more of your hard earned money.
- With many different investment options to choose from, you’re able to be as risky or as conservative as you want.
- The funds in these accounts allow you to pay for a variety of college expenses, so you can help your child in a number of ways.
- You’re able to take advantage of easy ways to contribute such as payroll deductions and automatic withdrawals.
Before investing in your child’s future, take the time to carefully plan so that you’re reaching your goals more easily. If you have any questions about selecting a college savings plan, consult with an experienced and qualified estate planning attorney.