Why You Need a 529 College Savings Plan

Financing a college education for your children can seem like a Herculean task. You might be asking yourself, “how can I even think about paying for college for my kids when I’m still paying off my own student loan debt.”

The unfortunate reality is that college tuition has skyrocketed and costs don’t appear to be coming down anytime soon.

What’s a parent to do? Hope that your child creates the next Facebook or maybe your offspring has a shot at becoming the next Hesiman trophy winner? True story, I’ve even heard of a case where a coworker emancipated her teenage child to get a more favorable financial aid package. If any of those outlandish scenarios don’t apply to you, the good news is that there is a way to help mitigate the crippling expense of college for the rest of us regular folk. This Godsend comes in the form of a 529 college savings plan.

Tell me more you say.

Additionally, as of January 1, 2018, tax-free withdrawals may also include expenses for K–12 tuition of up to $10,000 per student per year at a public, private, or religious school.

Other than Roth IRA-like, tax-free withdrawals what are some other 529 plan benefits?

Ok, you’re convinced that you should open a 529 plan, now what …

We all know life can sometimes throw us curve balls. If your child doesn’t end up going to college, you have a few options.

Warren Buffett once said he wants to leave his kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.’’ In that same spirit, even if you can’t finance your child’s college education in it’s entirety, opening a 529 plan is the first step you can take towards providing them with that same opportunity. Your kids will thank you later.

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