What are your goals for the future?
Help those dreams come true by saving for major expenditures as early as possible when it is easier and less complicated to do than later in life.
Many people achieve their goals by adding a little money to their savings accounts as frequently as possible. There are also some specific ways one can start saving for college education beyond a bank savings account. Some of the more common methods clients use are listed below, but there are other financial solutions as well. If you would like to learn more about these options let us introduce you to one of our advisors who can talk with you about your goals and objectives to help you find the appropriate solution for you.
- 529 Plan - If the money placed in this plan is used for qualified education expenses defined by the IRS, the withdrawals are not subject to state or federal taxes.
- Roth IRA - Allows parents to withdraw funds for their child’s education, penalty free, for qualifying expenses and within dollar limits set by the IRS. Otherwise, the funds remain in the account for the parents’ retirement.