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Tag: higher education

October 3, 2022

Helping Your Kids Achieve Future Financial Security

Young adults who start their careers weighed down by college debt have a tough time buying a home or maxing out a retirement plan. That’s why, in 1996, Congress added Section 529 to the Internal Revenue Code. It created a new tax-advantaged college saving vehicle. More than two decades later, “529 plans” now collectively hold around $320 billion in assets.A lesser-known alternative, with its own set of pros and cons, is the custodial Roth IRA. Even if you’ve already started… Read more ›

September 28, 2022

(Virtual) Planning for College: Building A Sound Academic and Financial Strategy You Won’t Regret

Councilor, Buchanan & Mitchell is proud to host Cozy Wittman, an experienced college search speaker with College Inside Track on Wednesday, September 28, from 6:30 to 7:30 pm EST. Cozy, a college planning… Read more ›

June 7, 2022

Striking a Balance Between Retirement and College Saving

For 2022, the amount you can sock away into your 401(k), 403(b) and most 457 plans will rise another $1,000 to $20,500. If you’re at least 50 years of age, you can put away up to $27,000 thanks to catch-up contributions. The limit on “total additions” to those plans — that is your deferrals and employer contributions combined — rises to $61,000 in 2022 or $67,500 if you’re at least 50. While you’re contemplating how much to put into your… Read more ›