Aside from healthcare, the cost of education is the fastest rising expenditure in America today. Higher education has become a necessity for those entering the job force, and yet the cost is becoming more and more prohibitive. If you have young children now, or anticipate sending someone to college in the future, then today is the day to start planning for the financial inevitability.
Start Planning for Your Child’s Education Today
The good news is there are several tax-advantaged savings vehicles available to help families in these uncertain times. Some options include 529 plans, educational savings accounts, Coverdell savings plans, uniform gifts to minor’s plans and even over-funded life insurance policies. All of these tools can help make higher education a reality for your children when the time comes. But the sooner you start putting a plan in place, the better.
So which plan is best? And how much should you contribute? Understanding your entire financial picture is the only way to make an informed decision. The financial professionals and college planners at Croak Asset management can help put a plan in place so you and your children won’t have to worry about paying for college when the time comes.
