My daughter is about to graduate from high school in a few weeks. She will be off to Mount Union for college in August. It is time to tap into that 529 plan that I have been contributing to for the past 10 years.
It can be difficult to figure out how much is enough for your child’s college education, especially if they are young, but check out this helpful website.
A 529 college savings plan is a tremendous vehicle to save for your child’s education. The benefits include tax free growth, the money is not taxed upon withdrawal if used for college expenses, no income limits and high caps on contributions. Some states even give tax deductions for contributions. You can invest in any state; it does not have to be your own.
Making the choice for the best 529 for you will probably need some research or a conversation with a financial planner. However, the key, as with all financial planning, is doing it now and letting time be your friend.
Action Step for You: Figure out how much you have saved and will need to save for you children’s education. Then have your financial planner help you choose and open a 529.
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