It’s no secret that college tuition is on the rise. In fact, the U.S. Department of Education predicts that by 2030 that annual public tuition will be around $44,000, which means that a four-year degree will cost around $205,000.
Your financial tip: Establish a College Savings Plan
Starting a 529 plan is a great way to save for your children’s or grandchildren’s education. These are government-issued savings vehicles, which come with tax benefits. The details and benefits vary by state, and some states offer 529 plans that can be contributed from across state lines. A financial professional can help you research which 529 plans are available to you and which might best suit the needs of your future student.
If you’d like to talk about 529 plans and savings strategies for college, give the office a call. Together we can make sure you’re as ready as possible for the road ahead.
Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer's official statement and should be read carefully before investing. Investors should also consider whether the investor's or beneficiary's home state offers any state tax or other benefits available only from that state's 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investing in any state's 529 Plan.
How much will college cost?
May 19, 2021