Resources: Education Saving
Through its impact on future earning power, a college education can have a far-reaching impact on the life of a child. Just as your retirement plan is designed to help prepare for your future financial stability, a college savings plan has the potential to help ensure that of your children. Begin by, Planning for The Education Investment.
Several investment options are available to help you fund a child's college education:
Education Savings Accounts (ESAs) - Also known as Coverdell Education Savings accounts, ESAs are tax-advantaged investment vehicles that can help parents plan for rising education costs.
UTMAs - Custodial account that can be used to transfer money to a child and obtain certain tax benefits.
529 Plans - A 529 Plan is a state-sponsored investment account designed to help families save for qualified college expenses for designated beneficiaries, while benefiting from potential tax savings.
Alternatives for Saving - There are a number of saving alternatives to help you fund educational expenses, such as mutual fund accounts, cash value life insurance, U.S. Savings Bonds Series EE and I, and certificates of deposit (CDs). Your Financial Professional can help you determine which options might be most effective for your situation.
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