Follow Jason Linkedin Facebook
Email Jason Email
Financial
Jun 5, 2020

National 529 Day And The Ins And Outs Of College Savings

Sponsored Content provided by Jason Wheeler - CEO, Pathfinder Wealth Consulting

Whether their child is focused on Little Tikes cars, training wheels, or driver’s licenses, all parents have one thing in common: the desire to give their child the best possible future. According to College Foundation of North Carolina, college graduates earn more money, live a longer, healthier life, and are reportedly more satisfied with their work.¹ With that in mind, a college education is a logical next step for many high school students.

According to the National Center for Education Statistics, approximately 69% of students who completed high school enrolled in either 2-year or 4-year higher education institutions in the fall after high school graduation, a 6% increase from 2000.² While enrollment rates are increasing, the cost of a college education seems to get more expensive every year as well. When you add up the cost of tuition, books, and living expenses, the significant expense of college can be overwhelming.

The average cost of a college education in North Carolina (for in-state tuition) is about $26,590 per year. Multiplied by the standard 4 years it takes most students to earn a bachelor’s degree, a family can expect to spend over $100,000 to send each child to college in today’s environment. Footing these higher education bills takes years of preparation and accumulation, and a great option is investing in a 529 savings plan.

Last Friday, May 29th, was National 529 Day. A 529 plan is a tax-advantaged college savings plan, designed to encourage savings and invest money for future education costs. A 529 plan carries few restrictions while offering significant benefits to both the account holder (typically a parent or close family member) and the student.
 
Additionally, recent tax reform law through the Tax Cuts and Jobs Act of 2017 and the SECURE Act of 2019 have the expanded the value of 529 plans.

With the COVID-19 pandemic sweeping the nation, sending students from the classroom to online learning, things have certainly changed in the world of education; however, parents still want to make sure their kids are given opportunities that will positively impact their children’s future. In honor of National 529 Day, we put together a short video for our clients that provided a high level overview of 529 plans, highlighting what this particular college savings and investment option can do for families, as well as the recent changes that were passed by legislators over the past couple of years.

There can be a lot of confusion around funding higher education but understanding the ins and outs of 529 plans may provide you with a wealth of knowledge and college savings potential. As a valued member of our business community, we wanted to share the knowledge with you as well.

We invite you to view the video by clicking here, or please reach out to us directly at [email protected] if you have specific questions. We are here to guide you forward.
 

  1. Source 1
  2. Source 2
 

Jason Wheeler is currently the CEO and a Wealth Consultant at Pathfinder Wealth Consulting. Pathfinder specializes in comprehensive financial, estate and tax planning services, investment management, and risk management (insurance) for business owners and successful executives. Jason Wheeler offers securities and advisory services through Commonwealth Financial Network®. Member FINRA, SIPC, a Registered Investment Adviser. To learn more about Pathfinder Wealth Consulting, visit www.pwcpath.com. Jason can be reached at [email protected] or 910-793-0616.
 

Other Posts from Jason Wheeler

Pcwpath
Ico insights

INSIGHTS

SPONSORS' CONTENT
Andybasingerliveoakprivatewealth headshot

Finding A Cure Instead Of Treating A Symptom

Andy Basinger - Live Oak Private Wealth
Dave sweyer 300 x 300

4 Great Reasons Service Members Should Consider Becoming Investment Property Owners

Dave Sweyer - Sweyer Property Management
Natalieenglish headshot

Catalytic Leadership

Natalie English - Wilmington Chamber of Commerce

Trending News

Officials To Consider Revised Agreement For Government Center Redevelopment

Cece Nunn - Jan 18, 2021

NHC Commissioners To Consider $25K For Genesis Block's Accelerator

Christina Haley O'Neal - Jan 18, 2021

In The Current Issue

Local Advisers Share New Year Tips

With the market tumult of 2020 behind us, financial ad­visers are ready to help their clients navigate the possible challenges and opportuni...


Top 10 Most-read Stories Of 2020

The most-read stories of 2020 run the gamut from filming in Wilmington to some of the latest news about Port City-based firm Next Glass....


USDA, NC Organization Honor Live Oak Bank

In mid-December, the U.S. De­partment of Agriculture Rural Department named Live Oak Bank its top 2020 commercial lender....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Health Care Heroes
2020 WilmingtonBiz 100