529 College Savings Plans
With the cost of college tuition on the rise, incorporating a college saving plan as a part of your J.P. Turner portfolio can potentially provide a growing cash pool to solve future educational financing issues. Your J.P. Turner financial advisor can work with you to define your investment goals and recommend a strategy designed to help you meet them. Your advisor offers access to 529 plans which are operated by a state or educational institution to help families set aside money for future college expenses.
Every state now offers at least one 529 plan, but plans can differ from state to state. Your J.P. Turner financial advisor can help you research the features and benefits of a plan before you invest.
There are two types of 529 plans: prepaid or savings plans.
Typical savings plans offer several investment options and work much like a 401k or IRA because they invest your contributions in investments that are similar to mutual funds or similar investments. The value of your plan can increase or decrease based on how your plan options perform.
Prepaid plans offer you a way to pre-pay all or part of your child's in-state public college tuition expenses. These plans can be converted for use at private or out-of-state colleges. The Independent 529 Plan is a separate plan unique to private colleges.
Talk to your J.P. Turner financial advisor to discuss your college savings goals. They will recommend an appropriate strategy designed to help you meet your college savings needs.
