These days, an undergraduate degree—at minimum—is expected and required for most professional and managerial careers. If you child’s future includes college, (or if you yourself are looking at higher education), you’ll want to have a sound savings plan in place.
Let NHTrust help you create a college savings strategy.
When it comes to saving for college, there are many issues your NHTrust advisor can guide you through all the important issues, including:
- Balancing the dual need to save for college and for retirement
- Reviewing all applicable financing options, including loans, scholarships and savings strategies
- Planning for college financing when you have more than one child
- Checking out the benefits of a 529 College Savings Plan.
What is a 529 College Savings Plan?
A 529 College Savings Plan is a tax-deferred investment account used to save money for college. Many 529 plans are opened by parents and grandparents on behalf of their children/grandchildren.
Over time, these accounts can grow significantly and help offset a child’s education expenses.
All 529 plans offer generous tax breaks, provided withdrawals are used for qualified expenses. While contributions to the plan are not federally tax-deductible, funds in the account will grow tax-deferred, and qualified withdrawals are not subject to federal tax. In addition, your state may allow tax deductions on contributions, or exemptions on withdrawals.
Along with tax advantages, 529 plans have unique benefits, including options for gifting by relatives, friends and others, who can contribute to the savings plan and help it grow.
Students can withdraw from a 529 plan to pay for qualified education expenses, including tuition, fees, books, approved study equipment – even room and board for full-time students at accredited institutions. Funds can be also used to repay up to $10,000 in qualified student loans.
With the costs of higher education rising every year, it makes sense to explore options for paying for college. Talk to your NHTrust advisor today for strategies that can help your family meet the challenge of paying for college.
Not FDIC Insured
Not Bank Guaranteed
May Lose Value
Not a Bank Deposit
Not Insured By Any Federal Government Agency
Meeting with NHTrust team is without obligation or cost.
NHTrust is a trade name of the New Hampshire Trust Company. Brokerage services are offered through INFINEX INVESTMENTS, INC., Member FINRA/SIPC. Investment and insurance products are subject to investment risk, including the possible loss of value. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. Infinex and NHTrust are not affiliated.