Summer is a time for relaxing and spending time outdoors with family and friends! It’s a time for vacations, pool time and baseball! This break in the school routine is also a really good time to catch up on things that get set aside during the hectic school year. While everyone lets things slide during the busy school season, there are some areas that need to maintain priority to secure your family’s future – like health and wellness, career planning and financial investments.
If you intend to pay for all or part of a student’s college tuition or secondary education, you can’t start too soon! There are lots of college cost calculators you can start with to get an idea of how much you need to save. We recommend our clients learn about 529 plans as a way to prepare for future education costs.
According to the IRS, the main advantage of a typical 529 plan is “earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board.”
If you want to learn more about how saving for education might impact your tax situation, call us at (913) 888-9100 for a quick appointment. Need help finding a trusted financial advisor? We can provide recommendations for that as well!
