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You've Saved for Tuition: Wise use of college accounts

Back to school is an exciting time, the BUFF’s are prepping for the upcoming season, kids are loading supplies into their backpacks (or cars) and we are all settling back into a more solid routine.  For many families whose kids are close to graduating from high school or college the fall is a time to start prepping for that next phase of life.  I want to be sure that you know, as your financial advisor, I’m here to help.

If your student is headed for college in the next year or two, please make sure you set up an appointment to discuss tuition payment, tax implications and budgeting with me.  At this stage of the game, and if you’re a client of our firm, you’ve likely spent years focusing on saving for college.  Equally important to building savings is how you withdraw that money from a 529 or a UTMA to pay for college.  We can talk about additional factors as well including reasonable amounts of loan debt; how to safeguard your retirement; and how to talk to your kids about ROI on investing in education.

As college graduates transition into the working world I’m happy to help them hit the ground running by talking to them about benefits packages, retirement accounts, real estate investment and budgeting.  This can be a tricky time for young adults.  As they transition there are some important things to consider in terms of laying the groundwork for a secure financial future.   Important things to consider include learning about what motivates them to save.  Are they more interested in the stock market or does rental property seem like a better fit?  Even if your college graduate is choosing to delay their career, they can consider incorporating short term goals into a lower budget job such as cutting expenses to save for a down payment on a rental property.

One of the most rewarding aspects of our firm’s lifelong relationships with our clients is getting to see the kids grow up and move towards young adulthood.  I enjoy talking with parents and families as they make important decisions towards these major life transitions.  I’m always available to meet personally to review options. I’d also like to encourage you and your family to attend one of our seminars, topics range from paying for college, to laying the groundwork for a healthy financial future and developing a solid strategy for retirement withdrawal.