Saving for college educational needs is getting more and more daunting with tuition inflation going on. There are quite a few savings vehicles that can help you start setting aside money and getting the benefit of tax deductions for your children, grandchildren, or even for your own education. In this episode, you will get to tune into the webinar I hosted on this topic, where I will be explaining all of these options.
There are significant benefits that come along with using some of these savings options for your beneficiary’s education fund, but there are important aspects to understand in order to make sure you’re using them properly and not missing out on the deductions available. Listen in if you are looking into ways to save for education, as this will help you discover your options, learn how they work, and understand how to get started saving.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- The basic costs of education and tuition inflation.
- Various savings plans that can be used for tuition savings.
- Understanding the 529 savings plan and its limitations.
- What you should do if children don’t use the fund.
- How to get started with these plans.
- How much you can invest.
- The 5-year rule and what that means for you.
- How you can best use the savings plans available.
- The benefits to putting more into your child’s account.
- Tax benefits for contributing in certain states.
- Comparing the Coverdell and the 529 plans.
- How to save for multiple children.
Ideas Worth Sharing:
“It’s projected that college costs will substantially increase in the future." - Sahil Vakil
“The individual that opens the account is the owner of the account and can basically get a tax deduction up to $10,000 if you make that contribution." - Sahil Vakil
“New York State plans allow you to send your child or the beneficiary to any school in any state—even some institutions abroad." - Sahil Vakil
Resources In Today's Episode:
- Sahil Vakil: Website | LinkedIn | Twitter
- Wharton University of Pennsylvania
- New York 529 Savings Plan
- UGMA and UTMA Savings Plans
- Coverdell ESA Plan
- Dependent Care FSA