Planning for your child’s education can feel overwhelming.
But a 529 education savings plan offers a flexible way to help build a financial foundation for their educational future.
While most people know that 529 plans can help cover college and university tuition, these versatile accounts also can pay tuition for vocational and trade schools, making them suitable for students pursuing careers in skilled trades - from plumbing to culinary arts.
Withdrawals also can be used for costs beyond tuition, covering room and board for students enrolled at least half-time.
And, plans can help pay for books, computers, and other qualified expenses.
And, surprisingly to some, plans can help with student loan repayment - up to $10,000 per beneficiary.
Of course, there are potential tax benefits, but don’t overlook flexibility when considering enrolling in a 529 education savings plan.
Investments in 529 plans will fluctuate with changes in market conditions and may be worth more or less than the original investment when redeemed.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
