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While it will sound boring to some, paying off loans or adding to your savings are two approaches that can help you now and grow your nest egg for when you need the money later.
A 529 plan is an investment account mainly for post-secondary education expenses. Money contributed is not deductible, but all earnings accumulate tax-deferred and are distributed tax-free if used for qualified education expenses.
Caring and helping with financial support for individuals with special needs can be complex. The 529A plan is a good savings vehicle to enhance the financial wellbeing of those with disabilities.
Following these four steps will take some time, but probably not as much time as you think. And, when you follow these steps, the likelihood of qualifying for financial aid increases incalculably.
The most important thing about college savings was to begin. I do not know about other parents, but for me, one of my first thoughts after regaining my senses was about the cost of college.
While Private 529s allow you to buy certificates to lock in current tuition rates for participating colleges, they don't allow you to invest your savings in marketable securities.
Helping a grandchild with their college expenses by putting money in their 529 is great! But do you know if contributions count as a gift or if the grandchild is a "skip person," or if it can hurt financial aid eligibility?
Having money left over in a 529 account may be viewed as a problem, but it is a problem most of us would love to have.
Can you pay for k-12 tuition with a 529 plan? You can now! While this could have a nice tax advantage for families that save, there is some very important information to understand first. We’ve broken down the benefits, the potential traps and ways to get around them.
Do you know what post-high school educational expenses qualify for tax-free reimbursement from your child’s 529 account? It’s important to know what expenses do qualify in order to avoid paying taxes and a penalty for those expenses that don’t.
Anyone with children knows the cost of a college education is steadily on the rise, and that money has to come from somewhere. So what's a parent to do? We discuss ways to 1) determine how much to save and 2) ways to save for your children's education.
Not all education paths after high school look the same…so what should you do about that 529 if your child decides to take a different path than traditional college? The good news is you do have options. Whether it’s attending a vocational school, going into the military or immediately joining the work force, your 529 savings aren’t lost. We break down just what your choices are and how those will affect you.
The Tax Cuts and Jobs Act bill has many Americans wondering just how they’ll be affected by the first major tax overhaul in nearly thirty years. If you own a 529 account, you’ll want to be sure to stay abreast of the changes to your plan in order to take full advantage of any new benefits that are coming. We’ve highlighted the main changes to 529 plans and how they might impact your education savings!
On March 21, Governor Pence signed legislation allowing Indiana to create the ABLE savings account for people with disabilities. These accounts have favorable tax benefits, but also some drawbacks. Regardless, this could be a game-changer for special needs individuals!
Saving for college is important. However, maximizing financial aid may be the difference between going to college and sitting out. The funding of a 529 College Savings Plan has many benefits, but what’s the impact on a student’s financial aid calculation?