Education Funding

Education is one of the most important investments you can make.

The cost of a college education continues to rise, outpacing the rate of inflation year after year. We can help you plan for the added expense of one of life’s most important investments.

It’s never too early to start planning for a child or grandchild’s education. In fact, the earlier, the better.

If you are like most families, life is busy and the thought of researching the complexities of the college-planning process can be overwhelming. There is a lot to consider, including:

  • How much time do you have to save?
  • How many children do you need to save for?
  • Does each child need a savings plan, or is it transferable?
  • How much will college cost?
  • Are there any tax advantages to different savings options?

Your Wealth Advisor can help you understand the different college savings options available to you—from traditional college savings plans to customized investment portfolios—and develop a plan that helps reduce your out-of-pocket college expenses and fits within your overall financial strategy and college savings timeline.

Options include:

  • 529 College Savings Plan: a convenient tool that features tax-deferred earnings and tax-free withdrawals. Money taken out of the account must be used to cover qualified expenses for higher education.
  • Coverdell Education Savings Account: a trust or custodial account you can establish for your child to pay for qualified education expenses. Contributions are not tax-deductible. Withdrawals are tax-free and must be used for qualified education expenses.
  • Custodial Savings Account: a savings account where you can deposit and protect assets while your child is a minor. The money in a custodial savings account belongs to your child and would, therefore, be taxed at your child’s tax rate.
  • Customized Investment Plan: Your Wealth Advisor will work with you to develop a customized investment plan that meets your college savings goals.

Are you on track?

Our easy-to-use calculator can help you estimate how much you will need to save in order to reach your goal.

Save for College Calculator