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Have You Failed

It’s that time again. Time to put away your summer fun and return to the classroom. When you send you kids, back to school it is usually the time we think about how much they have grown and where they will be in a few more years. Are your kids (or grandkids) getting close to graduation? Are they still in elementary school? Do you know if they are going to be ready for college when the times comes? Now is the time to start planning for college. It is never too late to start a 529 Savings Plan.

I know we have talked about this before, but I bring it up again because in a recent survey conducted by the financial service firm Edward Jones, 66% of people surveyed still do not know about 529 Plans, despite them being around for almost 20 years. What is slightly up from last year is 34% could correctly identify a 529 plan from four options given to them, but still do not understand how they work.

We all know that college is increasing in cost every year. Some people are at a loss on how to pay for college. We know that loans are an option, but some people do not like to have enough debt that they will be paying off into their thirties. The 529 Plan allows families to start early. You can set up a plan for your child when they are born or any time before they are in college. The soon you start the account the more chances you will have to save.

Each state has different rules for the 529 Plan, but most have the same key features. You set up an account. It does not who sets up the account. It can be a parent, grandparent, etc. The account is similar to a retirement plan, once it is time to send your kids to college, they can withdraw money from the account to pay for fees, books, tuition, and housing. If you would like more information talk to your financial advisor, or visit: https://www.learningquest.com/content/investing_with_a_529.html.

We all know the value of a college education. Let’s be proactive and help our children develop their future. By setting up a 529 Plan, you are helping your child manage the cost that will lead them on the path to higher learning and set them up for success.