529 College Savings
A 529 College Saving Plan offers tax-advantaged savings for college. Saving today can make a big difference when it’s time for college. According to the College Board, the average cost for a four year public school has increased nearly 51% over the last 10 years and is expected to continue rising. Using a 529 Plan instead of relying on loans can cut the costs of college.
Going to college increases earning potential:
Among men, median earnings of four-year college graduates were 63% higher than median earnings of high school graduates in 2005.
Among women, median earnings of four-year college graduates were 70% higher than median earnings of high school graduates in 2005.
Plan benefits include:
- Federal income tax breaks with tax deferred contributions
- Possible State tax benefits (check with your state)
- Contributor retains control of the account
- Tax reporting needed only when you make withdrawals
- Flexible in that you can rollover to another 529 plan
For further questions, call our offices at 210-949-0002 to speak with a representative.