Ready to start saving for your child’s college expenses but not sure how to start?
It’s never too early to begin planning for your child’s future. One of their first and largest expenses will likely be pursuing their goals through higher education. Whether they plan to attend a university, community college, or trade school, you don’t want to let the price tag keep your child from pursuing the career of their dreams.
Consider a 529 Savings Plan
What is a 529 Savings Plan?
Put simply, this specialized savings plan is reserved for educational purposes. Deposits to these accounts grow tax-free and can be used for a variety of educational needs such as tuition, housing, and even learning tools like laptops.
What makes a 529 Savings Plan unique?
Aside from allowing tax-free contributions, the 529 Savings Plan comes with additional benefits for Colorado residents. Taxpayers in Colorado may be eligible for state tax deductions for contributions made to this type of account. As with any type of specialized savings account, be sure to consult your trusted Financial Advisor before starting your 529 Savings Plan to learn more about how this account will fit into your unique financial situation.
Schedule A Consultation With Your Financial Advisor
At On Tap Credit Union, we believe in crafting financial solutions that match your needs for today with your goals for tomorrow. Our experts at the Investments & Wealth Management Center are here to help you plan and execute the savings strategy that best fits you.
Ready to take the first step forward in your adventure toward saving for higher education expenses? Request your free consultation with an Investments & Wealth Management Financial Advisor or give us a call at 303.279.6414 to get started!
Visit our website to learn more about Investment and Wealth Management at On Tap Credit Union and meet our Investment and Wealth Management team!