WESTconsin on Morning Connection - Saving for Your Education

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College or other forms of higher education can come with a hefty bill. Tuition, books, room and board, and other items can leave many students struggling to afford it all. On August's WEAU 13 News Morning Connection, WESTconsin Investment Advisor's Bob Dillon explains why a 529 College Plan is the perfect option to fund you and your family's education. 

A 529 is a safe and easy way to make the most of the money that has been set aside for educational purposes.

  • Flexible Contribution limits
    • Anyone can contribute on any budget! As little as $25 a month per investment option and up to $505,000 maximum total contribution per beneficiary
  • Tax advantages
    • Federally tax-exempt growth and earnings
    • WI 529 plans (EdVest & Tomorrow’s Scholar) offer tax-exempt growth and earnings as well as a WI income tax deduction
  • Other benefits
    • No time, age or income limits for contributions
    • Covers most expenses at most schools (primary, secondary, and post-secondary)
    • Protected from claims from creditors
There is only one downfall to the 529 College Plan - if it's not used for education expenses, the funds will be taxable. To avoid those taxes, the plan's beneficiary could be changed to another family member who would use it for educational expenses.

For more information on 529 investments, contact a WESTconsin Investment Advisor today! Working with a representative, you can discuss different investment strategies that might be best for you. Typically, investment strategies are chosen based on age, risk level or your own specific circumstances by building your own portfolio. As college and other education goals get closer, you decide how and when to rebalance your investments.

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