Comprehensive College Savings Plans in Phoenix, Tucson, Sedona, AZ

529 Plans

529 plans are tax-advantaged savings plans specifically designed to encourage saving for future education costs, including college tuition, fees, room and board, and other qualified expenses. These plans offer a range of investment options, including mutual funds, exchange-traded funds (ETFs), and age-based portfolios, allowing you to tailor your investment strategy to your risk tolerance and time horizon.

Features & Benefits of 529 Plans

• Tax Advantages: Contributions to 529 plans grow tax-deferred, meaning you won't pay taxes on investment earnings as long as the funds are used for qualified education expenses. Additionally, many states offer tax deductions or credits for contributions to 529 plans, further enhancing the tax benefits.
• Flexible Contribution Limits: 529 plans typically have high contribution limits, allowing you to save substantial amounts for your child's education over time. There are no income restrictions on contributing to 529 plans, making them accessible to families of all income levels.
• Control and Ownership: As the account owner, you retain control over the 529 plan assets and can determine how the funds are invested and when they are withdrawn. You can also change the beneficiary of the plan or use the funds for qualified education expenses for yourself or other family members.
• Wide Range of Qualified Expenses: Funds from 529 plans can be used to cover a variety of qualified education expenses, including tuition, fees, books, supplies, computers, and room and board at eligible institutions.
• Transferability: If your child decides not to pursue higher education or receives scholarships, you can transfer the funds to another eligible family member without penalty, ensuring that your savings are put to good use.