May 27, 2020
Wall Street Solutions with Main Street Values!
Happy 529 National College Savings Day
Dear Great Lakes Wealth Clients & Friends,
May 29 is 529 Day!
As you save for your children’s and grandchildren’s college, it is vital to put time on your side. The earlier you contribute to a 529 plan, the more time your college fund has to grow and compound.
With the unprecedented market drop this year, it may be the perfect time for a 529 Plan. If you’re unfamiliar, it’s a qualified tuition plan that allows you to save money for your student through their K-12 years to invest in their future college costs. There are two kinds available: College Savings Plans and Prepaid Tuition Plans. In addition, there are some tax benefits to 529 Plans. Everyone is eligible to take advantage of a 529 Plan.
For a few families, the majority of education costs falls on parents and, in some cases, on grandparents. Generally the majority of college students rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.
It is never too early to start saving for your child’s college, but if your child is approaching college age, it’s necessary to estimate the potential costs. This calculator can help you estimate how much to expect in college costs.
For information on financial aid for your child, you can visitwww.studentaid.ed.gov.
Don’t get into a situation where you have to apologize to your child someday with a guilty conscience and feelings of regret. Do the right thing today: contribute early and often to your child’s 529 plan. We can help you plan those monthly contributions. We are confident that we can arrange them in a way that will not impact your family’s budget or standard of living.
To set up a 529 Plan for your child or grandchild, call us at (248) 378-1200 today.
Your Advisor Team at Great Lakes Wealth