How To Pick A College Savings Account
by Joe Calvetti, Still River Financial Planning
Saving for college is an intimidating task. On top of the constantly rising costs, choosing the right type of savings account can be confusing.
This article will get into the tax benefits, flexibility, and financial aid impact of a couple of the best options. But there are a few things you should consider before you start saving.
529 vs UTMA: Which Plan Should I Choose?
When saving for your child’s future, there are a few options to consider. Many people are not sure how to determine whether a 529 or UTMA account is better. Knowing the differences between these two accounts can help you decide which one fits better into your specific goals. Before we get into the differences, let’s discuss the basics of what each of these accounts is.
Upcoming Changes to 529 Laws Could Make it Harder to Pay For College
by Eric Walters, Summit Hill Wealth Management
Paying for college is a top financial concern for many families. In 2015 a Gallup poll found for the first time that parents identified paying for college as their primary financial concern. 1 It showed that 73% of families with children under 18 worried about paying for college. Concern over college costs has continued as parents also report higher levels of concern over paying for college since the COVID pandemic. 2 It’s easy to understand why parents are concerned. Data shows that college costs are up 33% since 2000. 3 New changes to Colorado and US laws could make it harder for families to pay for college.
Investing in a 529 College Savings Plan [Video]
We’ve been talking the last few weeks about saving for your child’s education or filing for student aid. If that’s a part of paying for your child’s college, consider the 529 college savings plan.
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