Education Savings
Funding a loved one's education is an impactful way to pass your wealth to the next generation. The cost of college tuition continues to rise, and more students are graduating with student loan debt. Parents and grandparents can look ahead and ease this burden by developing a wealth management plan for education.
Education planning is a financial planning tool that builds a solid foundation for your family's future education needs. The Meredith Group can help you create a tailored strategy that ensures you're prepared to support your child's future goals.
When to Consider Education in Wealth Management
It is never too early to plan for your family's future education needs. This means understanding the cost of higher education and finding a way to pay for it. From the birth of a grandchild to your child's first day of school or even the announcement that a new baby is on the way, these life moments are the perfect opportunity to start thinking about putting money aside.
With a student educational plan in place, you don't have to worry that paying for college will impact your other financial planning goals, such as home ownership or retirement savings. The Meredith Group can help you start saving for tomorrow's education today as part of our wealth management solutions.
Explore Education-Based Funding as Part of Your Financial Plan
Investing in your family's education is an expense that requires meticulous planning — and now is the time to start. A college savings vehicle is a financial planning tool or account specifically designed to let you save as much money as possible for your child's future education.
There are many college savings plans to choose from that allow you to start putting money aside, even before a child is born. The Meredith Group has extensive experience in education-based funding vehicles, including the highly popular 529 college savings plan.
What Is a 529 Plan?
A 529 plan is a flexible savings vehicle that allows you to save and pay for your family's education. Anyone can contribute to the 529, including parents, grandparents, and other friends and relatives. Once your child is ready for college, withdrawals are tax-free for qualified expenses like tuition, room and board, and supplies.
The Meredith Group will guide you as you save for your child's education and pursue your own wealth management goals. Our expertise with 529 plans and other college savings vehicles allows us to create a smart strategy to support your child's future while securing your own.
How to Get Started
The Meredith Group has helped many of our clients cover the cost of college. We're proud to make partnerships that last a lifetime, working with multiple generations so that your wealth creates a legacy. If you're ready to prioritize saving for a child's education, we can make that happen without compromising your own financial planning objectives.
As your financial advisors, we can provide the tools and resources to help you:
- Forecast the cost of college and set a realistic savings goal.
- Explore smart savings strategies like 529 tax-advantaged plans.
- Appropriately invest contributions.
- Keep up to date on education trends and state and federal tax law changes.
- Make the most of financial aid opportunities.
Contact Our Advisors About Education Planning Today
If you're worried about how you will pay for college for your child, grandchild, or a loved one, we can help you provide a solid foundation for them. Contact us online or call (412) 912-4495 to learn more about wealth management in education.
Note: Investors should consider the investment objectives, risks, charges and expenses associated with a 529 Plan before investing. This and other information is available in a plan’s official statement. The official statement should be read carefully before investing. Depending on your state of residence, there may be an in-state plan that provides tax and other benefits such as financial aid, scholarships and creditor protection that are not available through an out-of-state plan. Before investing in any state’s 529 plan, you should consult your tax advisor.