Education Funding

 

With college costs growing, planning early to pay for an education is more important than ever. Next to saving for retirement, your biggest financial challenge is probably saving for your children's college education.  The daily routine of school, homework, soccer and everything else you have on your plate can make it difficult to schedule time to get this done. However, the sooner you address the issue the better. Fortunately, with proper planning and the utilization of a variety of funding options, the education you want for your child can be within your reach.

 

Before you consider how to fund your children's college costs, ask yourself these questions: 

  • Are you taking advantage of the $10,000 annual Michigan income tax deduction for education?
     
  • Are you taking advantage of the tax deferred growth and tax free withdrawal of section 529 education plan?
     
  • Do you know the difference between a M.E.T, UTMA/UCMA, Coverdale education savings account and a section 529 plan?
     
  • How custom is your college savings plan?
     
  • Does it involve age based investment portfolios, static investment portfolios or individualized investment portfolios?

If you have any questions or would like to schedule a free consultation to discuss your educational funding for your children, please contact us today toll-free at (800) 929-2499 or (248) 649-0780.