In this episode, Melissa Fradenburg, Financial Advisor, RJFS, and Jill Carr, CFP®, CPA, Financial Advisor at Stephens Wealth Management, discuss ways to save for your children’s college education. In addition to her experience as a financial advisor, Jill is a Certified Public Accountant, previously worked for the IRS, and is currently saving for her two children’s college education. They talk about the advantages of one option over the others and debunk some of the myths they hear about college savings vehicles. If you have not started to save yet—do not panic. Listen to this episode and make a plan.
You will learn:
- What type of accounts can be used to cover college costs?
- Should I fill out a FAFSA form even if I have money saved?
- What are my options with 529 savings if my child gets a scholarship?
- Do I need to use the state 529 plan for the state that I live in?
- Can I use a Roth IRA to save for my child’s education?
- Follow Jill’s Journal
- Compare various 529 plans
- JPMorgan college planning essentials
- Options for Michigan residents
Pearl Planning is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Pearl Planning is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning does not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. 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 education costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.
Melissa Joy, CFP®, CDFA® is President and Wealth Advisor at Pearl Planning. Reach out for a call today at 734.274.6744.