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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
College Savings plans
The Jordan Insurance Group, MD, College FundWhen you begin the long and sometimes overwhelming journey of saving for college, you will soon realize that there are a wide variety of different college investment plans available for you to choose from depending on your needs. Investment in education is hugely important and you always want to make sure that you're doing everything you can to provide either yourself or a loved one the opportunity they need to thrive, both in terms of their education and in terms of life in general. When you start looking around for college savings plans, one of the first things you need to do is decide what type of risk you want to pursue. 529 plans are generally considered to be some of the safest out there, for example, and they also come with a wide variety of different advantages. For starters, your income level does not affect your ability to contribute to a 529 plan in any way. Likewise, most states accept these plans so you're not limiting yourself or your child to only specific schools when you choose to invest in this way. Because these plans are some of the safest, however, they also do not necessarily have the fastest rate of return when compared to other college savings plans that are available on the market today. If you're looking for a college savings plan with a much higher rate of return, you might want to consider looking into something called a Coverdell ESA. These types of plans offer a large rate of return, incredible freedom with regards to selecting your investments and has other types of benefits that other college savings plans cannot offer. It is important to note, however, that you can only contribute a maximum $2000 per child per year when investing in a Coverdell ESA. As a result, you will likely only be able to use the plan to save exactly as much money as you need for the college or university that will be attended by the student in question. If you want to use the college savings plan to also grow the money as you would in a traditional investment, you'll likely need to look elsewhere. Content provided by Transformer Marketing.
William Jordan
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