College Planning in Denver
If your child has a goal of attending college, you already know how expensive this can be. Ideally, it's best to start saving for this even before your child starts elementary school. By planning now, you'll be able to take the steps required to pay the high cost that will exist in the future. Each year, several students are left with a large amount of student loan debt that they need to pay off after graduating. You can provide your child with an enormous gift by setting specific college planning financial goals now.
Determining Cost Today and in the Future
While you may not know the exact college that your child will want to go to in the future, it's important to determine a base cost today, which can help you calculate the cost in the future. By getting help from a financial advisor in Denver from our company, you'll be able to have a good idea of the amount that will need to be saved. We can look at the current cost for tuition and housing at an in-state public school and also consider grants to come up with an estimate.
Setting Up a 529 Plan
One way to help save for college expenses is by starting a 529 plan. When you use this option to help cover the cost of qualified educational expenses, you won't have to pay any federal income taxes on the amount you withdraw. By saving money when your child is attending grades K through 8 and high school, it provides an excellent way to accumulate the funds that your children will need to pay for higher education. Once you have a child who is ready to attend college, they can choose the institution they like the best off of the list of 6000 eligible colleges and universities in the United States or the more than 400 foreign universities and colleges.
Knowledgeable Assistance
By getting help from a highly qualified financial advisor in Denver, you'll understand all of the different ways that you can utilize to send your children to college. You may even want to consider a life insurance policy as some of these plans can be used to help pay tuition costs due to the death benefit protection they carry.
You'll have a clear understanding of all of your options when you contact us and speak with an advisor. We would be happy to provide you with the type of advice you need.
Determining Cost Today and in the Future
While you may not know the exact college that your child will want to go to in the future, it's important to determine a base cost today, which can help you calculate the cost in the future. By getting help from a financial advisor in Denver from our company, you'll be able to have a good idea of the amount that will need to be saved. We can look at the current cost for tuition and housing at an in-state public school and also consider grants to come up with an estimate.
Setting Up a 529 Plan
One way to help save for college expenses is by starting a 529 plan. When you use this option to help cover the cost of qualified educational expenses, you won't have to pay any federal income taxes on the amount you withdraw. By saving money when your child is attending grades K through 8 and high school, it provides an excellent way to accumulate the funds that your children will need to pay for higher education. Once you have a child who is ready to attend college, they can choose the institution they like the best off of the list of 6000 eligible colleges and universities in the United States or the more than 400 foreign universities and colleges.
Knowledgeable Assistance
By getting help from a highly qualified financial advisor in Denver, you'll understand all of the different ways that you can utilize to send your children to college. You may even want to consider a life insurance policy as some of these plans can be used to help pay tuition costs due to the death benefit protection they carry.
You'll have a clear understanding of all of your options when you contact us and speak with an advisor. We would be happy to provide you with the type of advice you need.
*Rules and laws governing 529 plans are varied and subject to change. As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 college savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. The tax implications can vary significantly from state to state. Tax-free withdrawals may be made for qualified education expenses. Otherwise, the deferred earnings portion may be subject to taxes and a 10% penalty. Please consult a qualified tax professional to discuss tax matters.