Education Planning

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What You Need to Know About Planning for College Now

College education expenses for many families are some of the highest they will face.


The cost of college is rising faster than inflation, which makes financing a child's higher education challenging. Fortunately, there are sound strategies you can use to help pay for your children or grandchildren while still keeping an eye on overall financial goals in this day and age where everyone wants everything now but no one has any money! Even if they only have several more years before hitting campus (or staying at home), planning ahead will give parents peace of mind knowing that their kids won't burden them with massive loans when all those expensive degrees don’t come easy - especially if we begin investing early instead just saving indiscriminately later down the road because who knows what might happen.

529 College Savings Plans

These plans, typically state-sponsored and sometimes called "qualified tuition programs," allow for contributions after-tax that grow tax-free until distributed. Contributions to these plans, once made, cannot be changed or reversed without incurring penalties; it is important to allocate savings appropriately at the beginning of this process. However, if funds are not used for qualified educational expenses, such as college tuition and fees, earnings will incur federal income taxes and an additional 10% penalty on top of normal income taxes.


Coverdell Education Savings Accounts

These accounts sometimes called "education IRAs," allow for after-tax contributions that grow tax-free until distributed. There is no penalty for not using the funds towards qualified educational expenses; however, any non-qualified distributions will incur federal income taxes and a 10% penalty on top of normal income taxes.


529 College Savings Plans vs. Coverdell Education Savings Accounts:

These options are not mutually exclusive—you can contribute to both types of plans and still fall within contribution limits (or even partials if you wish). We can help you find an estimate of how much you'll need for college by finding your expected family contribution (EFC) and then finding out which plan would work best.



The next step is on you

This is the time to plan for your future. The earlier you begin, the more your wealth can do for you.

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Learn it, know it, use it to make informed financial decisions.


It's never too early to start planning for your future! The earlier you get started, the more opportunities are available and open up in life—and they can do wonders.


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