It’s Time to Start
Saving.
* 37% of parents have not yet
begun to save for their children’s college education. Have you?
Before you prepare your
children for college, you may have to prepare yourself – financially.
The cost of college can be
daunting, so the sooner you start saving the better. For many people,
529 plans provide a solution
to the problem.
529 plans typically have a
state sponsor, but residents of any US state can participate in most plans.
Your own state plan may
offer a tax deduction or other benefits for in-state residents, however, it is
important to weigh all of
the features and benefits of a variety of plans before making a decision.
- Potential tax advantages. Tax-deferred growth of any earnings and
tax-free withdrawals
for qualified higher education expenses such as room and tuition make a 529 plan
advantageous for tax reasons.
- Control and flexibility. The owner of the 529 plan controls the
assets in the account
even after the beneficiary turns 18. There are no income restrictions and
account assets
can be used at most accredited colleges and universities.
Some of the 529 plans
currently offered by NBCS Advisors include:
Fidelity
College Counts
College Access
College America
Hartford
John Hancock
Contact us or your NBCS
Financial Consultant for more details.
* Fidelity Investments College Savings Indicator Study – 2009