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Paying for a child's or a grandchild’s education is a worthy goal. However, whether you’re paying tuition costs now or saving for future education costs, it’s important to determine if your education strategy is working towards with achieving your retirement income and related financial objectives. Tax considerations and retirement income needs must be carefully weighed and evaluated before choosing a specific strategy. It’s important to remember that while education expenses can be funded through borrowing, retirement expenses cannot.
529 College Savings Plans continue to grow in popularity and can be a good choice for many families seeking to set aside funds for future education expenses on a tax-deferred basis. However, if 529 Plan account ownership is not established correctly—based on your families specific needs—plan assets could adversely impact the student’s ability to qualify for certain types of student aid. Henderson Wealth Partners can help you determine the appropriate option and can help you take the right steps to prepare for your family members’ education needs.
As independent advisors, we are under no pressure to recommend specific education savings programs or proprietary products of any type. Our only concern is which program best meet your needs.
Contact Us to find out if a 529 Plan is the right choice for your college planning needs.