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Our Team Takes The Stress Out Of Planning For College

Client Centered

It is no secret that college tuition is rising annually. Even affluent families can be burdened with the prospect of college tuition, especially depending on where your children go to university and how many children you will have attending. Fortunately, the team at Russell Wealth Management can work with you on establishing a 529 college savings plan that not only allows for saving money for college but also allows it to be withdrawn tax-free as long as the money goes toward education. This means that you are not taxed on any gains that are acquired as the money grows in the account.

Here are some key considerations as it pertains to a college savings plan:

  • Most states offer tax breaks
  • Age-relevant portfolios should be considered determined on how long the child has until attending college (think of this like retirement planning and your level of risk tolerance)
  • Different plans may have underlying fees and maintenance costs

At Russell Wealth Management, your financial advisor can work with you to determine a suitable 529 college savings plan for you and your student. The plan will align with your overall financial planning and investment goals as opposed to being selected in a vacuum. It is the integration of the larger financial planning strategy that brings everything together, which is where we come in. If you're ready to see what we can do for you, call us at 716-332-7164.

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.