U.S. News: 4 Ways to Grow a College Savings Account Quickly

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 Plancorp team By: Plancorp team

Among families that are actively saving for their children's college education, did you know that only 27% are using 529 plans and other similar accounts that can provide considerable tax advantages?

According to a 2015 study from Sallie Mae, nearly half of families saving for college are using general savings accounts, missing out on tax benefits and potentially losing out on potential growth from investing in stocks, bonds and other assets through 529 plans.

The good news is that there are ways to quickly build a sizable 529 fund. Plancorp’s Peter Lazaroff helps explain the top 4 way to grow a college savings account quickly and the benefit in doing so:
1. Shop Around
2. Enlist Help
3. Start Big
4. Make It Automatic

Read more about college savings. >>

Disclosure:

This material has been prepared for informational purposes only and should not be used as investment, tax, legal or accounting advice. All investing involves risk. Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against a loss. You should consult your own tax, legal and accounting advisors.

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Plancorp started with a unique philosophy: Always put your clients’ interests ahead of your own, and you’ll build a successful business. That was in 1983, but the sentiment still drives every decision we make. After 35 years of helping individuals, families and business owners plan for financial independence, our commitment to serving as financial life advocates is stronger than ever. More »