Considering the rising costs of college, opening a college savings account is probably one of the smartest things you can do for a family member, a friend, or even for yourself. These accounts can offer substantial tax benefits, too. Get started with an account that is right for you.
Identifying how much a college education is likely to cost when your child is ready to attend is key to laying out a solid plan. We will ask you the right questions to help you target a specific school or type of school and estimate the average costs for tuition and fees, as well as additional expenses for a two- or four-year program.
Start as early as possible and invest regularly, either monthly or annually, to ensure that your child's college fund continues to grow and compound over time. Automatic Monthly Investing can be a great asset in reaching college savings goals. We will help you choose investments that are geared towards college savings and help you take advantage of offerings to maximize every dollar you invest.
These state-sponsored college savings plans allow you to make contributions into an account to pay those future costs. 529 Plans offer tax advantages to both the account owner and the beneficiary since no income taxes are paid on the earnings if the money is withdrawn for qualified educational expenses. We will explain how New York State handles its 529 plan and help you navigate the paperwork while advising you along the way.
It is true that you cannot put a price on your child's college education but with our help, you can make that price more affordable when the time comes. Call CHA today to learn more about college education investment plans or fill out our online form to schedule a free consultation.