The cost of college tuition is rising each year, leaving many families wondering how to save for their children’s future education costs. Early education planning is the best course of action, especially if you have multiple children. From 529 savings plans to Coverdell accounts, there are many options available to help parents save. Working with a financial advisor can help you properly consider all factors that influence education costs, such as location, cost of living, and type of institution.
It is never too early to start saving to ensure resources are available when your children attend college. Coverdell education savings accounts and 529 college savings plans are accessible, flexible, and tax-advantaged ways to save for college.
Other options include IRAs, traditional savings accounts, and certificate of deposit accounts.
Ready to start saving for your child’s education? At Susquehanna Financial Advisors LLC, we can help you find the best saving strategy. We can also help you take advantage of various educational tax incentives to help ease the financial burden of paying for college. Contact us today to set up a consultation with an advisor.