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santa clarita college planning experts

There are few life experiences more exciting than seeing your child graduate from college. College is expensive, public or private, and the costs are only going higher (growing at over 5% per year). It is very important to start planning early for college expenses. There are several options to save for your or your child’s future education needs. Our College Planning process is a holistic approach to prepare for college costs by considering your entire financial plan. A smart way to save for college is the 529 College Savings Plan. Of course, not all 529 Plans are structured and managed the same. We can help you navigate the sea of information and set up the right plan for you.

Now is the time to start planning. How much will you need to save for your child’s college or private school education?

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Santa Clarita College Planning: 529 Savings Plans

The 529 college savings plan offers tax free income for higher education expenses. Anyone can use this plan (Yes, that includes Grandma!), regardless of your income level. You can make periodic payments or lump sum contributions, providing lots of flexibility. The plan allows for you to invest and save for college tax-free, as long as the withdrawn proceeds are used for qualified higher education expenses (beer does not count). Of course, if you decide to use the money to go to Europe instead, then there is a 10% penalty on the earnings in the account.

Santa Clarita College Planning: Investment Choices

Getting a plan is one thing, investing it correctly is another. There are many investment choices inside the 529 Plan. Knowing that college tuition grows at a rate greater than inflation, choosing the right investments is paramount. It is also important to project what the future costs of college will be for your own situation. By projecting your future need, we can tailor a plan to fit both your budget and goals.

Tax Advantaged College Planning

Learn how a hypothetical investment of $100 per month for 18 years in a tax-free account, with an average return of 8% per year would have grown to more than $48,000 (assuming no withdrawals were taken). The same hypothetical investment in a taxable account would have incurred $9,400 in taxes — enough for a full year of room and board at most public universities. (Source: The College Board 2011)
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