Parents who want nothing more than a brighter future for their children understand the importance of sending them to college. Getting a college degree boosts their chances of embarking on a career and securing a better life in the process.
Financing a child’s college education, however, seems to be getting harder with each passing day. If the cost of a college education today is already high, imagine how steep the price it’s going to be a few years from now.
Fortunately, there are lots of available assistance out there. Many incoming college students are fortunate enough to receive a scholarship or an educational grant and get a full ride.
Still, considering that parents who are planning for their nine-year-old kid’s college education have no way to know if a college scholarship or grant awaits their loved one in the future, the best option is a long-term one: save for it diligently in the form of a tax-free college savings plan.
As things stand today, the best option for parents would be a 529 college savings plan, and the best way to start that plan is with Bennett and Porter.
With a 529 plan, you have the opportunity to set aside money for your child’s college education and grow it or withdraw from it without any tax liability as long as it’s for qualified education expenses.
A 529 plan also gives you the opportunity for investment options such as mutual funds, target-date funds, and other securities.
With more than 20 years of experience in developing wealth and investment management strategies, we at Bennett & Porter can help ensure that you will get into a 529 plan investment option that will work best for you. Just call us at 480-212-1150 to speak with one of our Certified Financial Planners today.