FRESNO, Calif. (KFSN) — Planning ahead isn’t exclusive to retirement.<\/p>\n
If you’re starting a family, saving for education might be an avenue you want to consider.<\/p>\n
“The cost of college is just going through the roof, so the earlier you start, just like retirement, you put the odds better in your favor to be able to fund those expenses,” says Tina Mistry, CEO of Portfolio Advisors in northwest Fresno.<\/p>\n
Mistry says there are several tax-advantaged tools to cover future tuition and fees associated with education.<\/p>\n
“In the state of California, when you save into a 529 account, you don’t get a deduction for adding to the account,” she said. “However, the assets will grow tax-free as long as they’re used for educational expenses.”<\/p>\n
While you don’t know what the future holds, there are less restrictive options, including a custodial account to fund anything down the road, including buying a house or car.<\/p>\n
“You can start as early as the child or grandchild is born,” Mistry said.<\/p>\n
There are also millions of dollars up for grabs in scholarship opportunities.<\/p>\n
“There are a lot of scholarships that go unclaimed,” Mistry said. “There are a lot of niche scholarships.”<\/p>\n
If you have a 529 and end up landing a full ride to school, that money can be transferred to another family member’s educational costs.<\/p>\n
“At some point, if your children have children of their own, they can pass that on to their grandchildren,” Mistry said.<\/p>\n
If you’re just getting started, there are savings calculators available to help you figure out a good amount to invest.<\/p>\n
Fidelity, Charles Schwab and Bank Rate, to name a few.<\/p>\n
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