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College and Education Planning

529 Plans, UTMA Accounts and More

529 Plans, UTMA Accounts and More

There are many options to consider when it comes to paying for college. 529 plans, Uniform Transfers to Minors Act (UTMA) custodial accounts and Roth IRAs are just the beginning.

Based on your particular circumstances — e.g. income, time horizon, risk tolerance, retirement savings — we will help you determine which options will work for you. Then we will develop a plan that meets your goals and fits in with your overall wealth management strategy.

It Starts with Asking the Right Questions

Effective education funding requires weighing questions like these:

  • Roughly how much do we expect to be paying for higher education?
  • How do we want to prioritize saving for college vs. saving for retirement?
  • What are the tax implications of each savings option? What fees are involved?
  • Is a 529 plan the best way to go — and if so, is our state’s plan the best fit?
  • If we don’t qualify for aid, is there any reason to fill out the Free Application for Federal Student Aid (FAFSA)?
  • What are the best ways to pay if we haven’t saved enough?

At Journey Wealth Partners, we will walk you through the tough questions — and guide you to success in college and education planning without sabotaging your retirement. Your assignment: Schedule a complimentary “orientation” meeting now.

Paying for College: Recommended Resources

  • The College Board: Financial Aid 101: The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Get information on everything from finding the right school to getting in and paying for it.
  • FinAid: This site features resources such as a scholarship search, college calculators, and information on loans and savings options.
  • Trust Funds for Kids:
    • The author of this blog discusses his experience setting up trust funds to help his nieces and nephews pay for college. He also offers general investment information.
  • Internal Revenue Service: The IRS offers detailed resources on Tax Incentives for Higher Education, Tax Benefits for Education and Tax Rules for Children and Dependents.

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