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It is never too early, or too late, to start a college savings fund for your child or grandchild’s educational future. With the cost of college tuition rising and no indication of it slowing down, the more proactive you are in establishing a college fund, the better. With additional time on your side, the higher the potential for your savings to compound and accumulate.
There are many college funds to choose from and plenty of information to decipher when attempting to figure out the best way to save for your children’s education. Understanding the differing account structures, tax benefits, and their growth potential is valuable information and not necessarily common knowledge; that’s where we come in.
Creative Financial Group helps our clients maximize their money when it comes to fronting or contributing to the cost of college. We help our clients set realistic savings goals that they can afford and ensure they utilize the most appropriate savings funds and products on the market. Our advice will ensure your college saving plan integrates with your overall financial strategy putting your decisions in line with your goals and values.
College Planning 529
Having the ability to pay for your children’s college education is a financial priority for many Indiana residents. Starting early and saving regularly are two excellent ways to establish leverage to grow assets in later years. A commonly utilized college saving fund is the 529 plan which is a highly efficient way to set funds aside to pay for a college education.
With a 529 plan, contributors can choose from various options and invest the money in different ways. The account has high lifetime contribution limits, receives tax-deferred earnings, and provides tax-free access to all distributions used for qualifying education expenses. A 529 plan even has the flexibility to change the beneficiary if necessary.
The expert advisors at Creative Financial Group have extensive experience with college financial planning and thorough knowledge of 529 savings plans. We will make sure you invest in the right 529 to maximize the value of your current and future assets.
College Funds for Baby
Whether you have a baby on the way or your bundle of joy was recently born, it is the perfect time to start thinking about how to save for their eventual college education. Tuition is pricy, and with its current trajectory, likely to be even more costly by the time your child begins college. The good news is that if you are planning for a baby, time is on your side.
We educate our clients on the various savings accounts and plans available and help them evaluate the pros and cons of each. Our professionals are highly knowledgeable about 529 plans, Coverdell ESA accounts, custodial accounts, treasury bonds, and various other savings tools. Knowing the ins and outs of each option and determining which is most appropriate for you will help you achieve your savings goals.
It has also become increasingly popular to give the gift of a college savings fund to children. It is a thoughtful gesture that will have a positive impact on their life for years to come.
Child College Fund
While funding your child’s education is extremely important, there are a host of other financial obligations that people need to fulfill at the same time. You must find a balance between budgeting your current lifestyle, planning for your retirement, and saving for a child or grandchild’s education.
Our professional advisors have access to first-class data and resources to evaluate different financial strategies and their suitability for our clients. We will solidify an approach that ensures each of your objectives is supported. You can depend on us throughout life’s ups and downs. Over time your income stream may shift, distractions occur, or your family expands with additional children. We will help you adjust your financial plan as needed making sure your college saving fund (or funds) don’t suffer.
Best College Funds for Child
As a reputable and wholly independent advisory firm, Creative Financial Group will help you narrow down the list of savings accounts and products into only top-rated and reliable options. We provide our clients the peace of mind that the college savings fund they commit to will serve its purpose and then some.
529 plans are the most popular and widely used education-specific savings plans. There are two varieties of 529s to choose from, an investment savings account or a prepaid tuition plan. A 529 savings plan offers high contribution limits, tax-free growth, and beneficiary flexibility. Roth IRAs are another savings option and are attractive due to their tax advantages. Education Savings Accounts (ESAs) provide access to a wide variety of investment options along with tax-free growth. There are also bonds, trusts, and plain old savings accounts that you can use to prepare for your child’s higher education. The Creative Financial Group advisors will help you figure out what savings vehicle is the best for you.
College Funds for Grandchildren
Many financially secure individuals want to contribute to their grandchildren’s college education, and there are numerous methods in which they can do so. It is highly advisable to take advantage of tax-smart investment options or savings accounts to save for your grandchild’s future.
529 plans are especially attractive for wealthy grandparents as they have high contribution limits and benefit from reducing one’s tax liability. There is even a provision to ‘superfund’ a 529 plan which allows you to contribute five years’ worth of gifts at once. This is an excellent way to donate a considerable amount to a 529 plan early in the child’s life and allow that money to accumulate over time.
Funding the entire cost of a grandchild’s college education is not an option for everyone, but any contribution you can make will help. Creative Financial Group will assist you in saving for your grandchild’s education in a manner suitable to your current financial position.
Ready to Take The Next Step?
For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.