Six Ways To Save For College Early
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Planning for your children’s financial future should begin as early as their birth. Actually, I did set up a 529 plan before we had children.
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There are several ways to save for your children’s college education and reduce borrowing that you or your child will need to do for college later on.
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Funding your children’s tuition well ahead of their needs allows for compounding benefits while enhancing your tax situation.
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1.
529 College Savings Plans
A 529 plan is a college savings plan that offers tax-deferred savings and financial aid benefits.
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These accounts are similar to 529 plans offering tax-free investment growth and tax free withdrawals when funds are spent on qualified education expenses.
2.
Coverdell Education Savings Account (ESAs)
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Custodial accounts can be set up for each child if they are under the age of 14 years and managed by the parent.
3. Custodial accounts: Uniform Gifts to Minors Act or Uniform Transfers Minor Act
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Traditional IRAs, typically used for retirement savings, would normally incur a 10% penalty for withdrawals before age 59.5 years.
4. Traditional IRAs
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Another way to save for college costs, is to invest in deep discount corporate, US government (Treasury) or municipal deep discount bonds.
5
. I
nvest in discount bonds
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Savings bonds are sold by the federal government for half their value or $5,000 for maturity denominations of up to $10,000.
6. Series EE Savings Bonds
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