College Savings Plans
College tuition is continuing to raise through the roof. While paying for your child to further their education may seem like an insurmountable task, with savvy and carefully navigated financial planning, it is something that is well within your grasp.
Think of 529 College Savings Plans like a 401k plan for your child’s higher learning. Your 529 account earnings can grow tax-free until it is withdrawn. Your contributions can also be deducted from your income tax. Earnings on this money that are used to pay for qualified higher education expenses will also be exempt from federal and Oregon income tax. The money you save is also not confined to Oregon colleges and universities.
While there are many benefits to an Oregon 529 College Savings Plan, there are many factors to consider. Maybe the most important questions are, how much do you need to save for your child’s education and when should you start saving?
Healthy Financial can evaluate your unique situation and needs and provide you with the best options available. The decision to fund your child’s education will help propel your child into a secure future.
The statistics back this up. According to statistics gathered by the U.S. Census Bureau, the median income for workers with a bachelor’s degree is 74 percent higher than the median earnings for workers with just a high school diploma. Over one’s lifetime, a person with a bachelor’s degree can earn as much as $800,000 more than their counterparts whom do not have a degree.
College Savings Plans vary, whether you plan on opening an account in Oregon or any other state. Healthy Financial can meticulously review your options and find the best possible choice for you and your family.
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