529 Plan

𝐌𝐚𝐤𝐞 𝐠𝐫𝐚𝐝𝐮𝐚𝐭𝐢𝐨𝐧 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐭𝐨 𝐥𝐨𝐨𝐤 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐭𝐨! 

The 529 plan is an investment vehicle used to save for education and education- related expenses .

Benefits of the 529 plan

It is a tax -advantage account

Can be used for education related expenses for any age: elementary through college level and beyond 

It is transferable to other siblings and relatives( in case one decides to skip college) 

Owner controls the account not the beneficiary

Can be used for tuition and other education-related expenses such as housing 

Accounts owned by the parents have very little impact on financial aid so child may still qualify for financial aid 

Disadvantages

Limited investment options

Has associated early withdrawal fees

May have a short investment window if you start late

𝘔𝘢𝘬𝘦 𝘺𝘰𝘶𝘳 𝘣𝘦𝘯𝘦𝘧𝘪𝘤𝘪𝘢𝘳𝘺 𝘦𝘹𝘤𝘪𝘵𝘦𝘥 𝘵𝘰 𝘵𝘰 𝘨𝘰 𝘵𝘰 𝘴𝘤𝘩𝘰𝘰𝘭. 𝘉𝘳𝘦𝘢𝘬 𝘵𝘩𝘦 𝘣𝘰𝘯𝘥𝘴 𝘰𝘧 𝘴𝘵𝘶𝘥𝘦𝘯𝘵 𝘭𝘰𝘢𝘯𝘴!

Disclaimer: Consult a Financial Advisor on whether to, and how to implement investment advisory services.