When each of your children turn another year older, have you found yourself thinking of ways to keep your family financially secure, especially as you get older? Do you have a plan going? With all the demands and decisions that you face on a daily basis, you might unintentionally forget about the provisions you need to be preparing for the future.
Now is the best time to build up your checklist and make planning for your children’s education a top priority; after all, a good education is still the best investment you can get for them. Fortunately, this does not have to rest fully on your shoulders alone. With the adaptability and benefits of today’s savings plans, you can help your children achieve the bright future that they deserve.
People who are looking into consolidating their estate plans should choose the best educational policy by getting the advice of a knowledgeable financial advisor in Maryland and Virginia like Financial Brokerage Services Inc. They can help you with everything you need regarding 529 savings plans, and according to CNN Money, this is definitely a good investment:
Parents, grandparents and other savers made contributions to more than half of all 529 accounts, while last year’s strong stock market also provided a major boost. Excluding contributions and distributions, investments in 529 plans grew by nearly 15% in 2013.
The average account size also reached an all-time high, hitting $19,584 last year, up 14% from $17,174 in 2012.
While that currently would only cover just one year at many public universities, it’s still a step in the right direction, the report stated.
At the rate things are going, a 529 state-sponsored college savings plan is one of your best bets for your family’s future. If you require more information on how it works, contact a financial advisor in DC, Bethesda, Arlington, and Herndon like Financial Brokerage Services – they can work with your needs and budget to establish savings strategies best suited to your objectives.
(Article Excerpt and Image from CNN Money, “529 college savings hits record high”; March 11, 2014)