Pull up the website of almost any college your student is excited about and you’ll find a price north of $75,000 a year. But here’s the number the website doesn’t show you: at plenty of those same schools, the average family actually pays closer to $20,000 or $60,000, depending on various factors such as in-state public, private, or out-of-state public schools.
Putting money toward your children’s college education? Many parents do. But how much is enough? Our latest post takes a closer look.
Traditionally, our clients opt to contribute annually or monthly to a 529 college savings plan, steadily building an account to cover higher education costs. While this approach is the most common, “superfunding” a 529 plan presents an exciting alternative.
The 529 College Savings Plan is designed for a beneficiary to utilize the tax-free funds to cover a multitude of college expenses. While this college savings vehicle might be known for its focus on education planning, the Secure Act 2.0 enhances the use of 529 accounts and helps alleviate a few common concerns we regularly hear from our clients.
