(919) 228-9665
(919) 228-9665
Is your child's college fund on track?

Secure Your Child's Future: Smart College Funding Strategies

As parents, we all dream of seeing our children embrace their futures with confidence and financial security. College plays a pivotal role in shaping their path to success, but the soaring costs of tuition demand careful and proactive planning. Fortunately, diverse savings options are available to help secure your child's educational journey, offering the flexibility and reliability necessary to achieve your financial aspirations. Let's discuss some options.

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Why Start Now?

The expenses associated with higher education are experiencing a steady annual increase. Statistically, tuition fees have escalated by an average of 6% per year, and this trend is anticipated to persist. Consequently, by the time a child is of college age, the costs are projected to be twice as much as present figures.

However, there is positive news: initiating savings early allows for the advantageous utilization of time. Even modest and consistent contributions can yield considerable growth when prudently invested.

Start planning for your child's future today

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I offer both virtual and in-person meetings. With 30yrs experience, I specialize in Retirement Income Planning and Decumulating your retirement assets to replace the paycheck you'll never receive again. Was your paycheck ever at risk? Will it be?

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About Me 31 Years of industry experience

I have 30 years experience, 24 as a CERTIFIED FINANCIAL PLANNER. I've been a fiduciary in bank trust departments, money manager, estate planner, risk management specialist, and wealth management bank lending. I focus as an independent advisor, on retirement income planning and decumulating retirement assets. Most people are walking, unknowingly, into retirement not realizing that the approach they took to get TO retirement is entirely different than what you need to do to get THROUGH retirement without running out of income. I help people see the tools used to climb up the mountain to retirement (accumulation), exposes you to catastropic loss while you go through retirement (decumulate). Interesting that most professional mountain climbers say it's the descent where most accidents happen with severe injury or death. The mindset and tools required for descent are far different for those used in climbing or accumulating. I'm one of a few advisors dedicated to helping people see this.

Triangle Financial Strategies LLC

Triangle Financial Strategies LLC

114 Torrey Heights Lane Durham, NC 27703

(919) 228-9665 [email protected]

Explore Your College Funding Options

Explore Your College Funding Options

Here are some of the most effective strategies to help you navigate college savings and build a robust plan that suits your family's needs:

When planning for your child's future education, a 529 plan is one of the most popular and tax-advantaged options available. Contributions to a 529 plan grow tax-free, and withdrawals for qualified education expenses are also tax-free. This makes it a smart choice for parents and guardians who want to save for their child's college education while taking advantage of potential tax benefits. Considering the steady rise in higher education costs, starting early and consistently contributing to a 529 plan can significantly impact managing future education expenses.
Stat: Over 13 million families use 529 plans, with an average account balance of over $30,000.

Similar to 529 plans, Coverdell ESAs allow tax-free growth and withdrawals for educational expenses but with more investment flexibility. The downside is a lower contribution limit—currently capped at $2,000 annually.

If you want more control over investment options, custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) allow you to invest in a wide range of assets.
Tip: These accounts aren't restricted to education costs, giving your child access to funds for other purposes at age 18 or 21.

Enrolling in a prepaid tuition plan can secure current tuition rates for future college expenses, shielding yourself from potential tuition increases.
Fact: Some states offer guaranteed prepaid plans, ensuring your investment keeps pace with tuition inflation.

Roth IRAs, conventionally designated for retirement purposes, also present a formidable option for financing college expenses. The tax-free nature of withdrawals for qualified education expenditures, combined with the absence of restrictions imposed by education-specific regulations, renders this strategy a dual-purpose asset capable of serving as a financial safeguard for retirement.

Cash value life insurance presents a unique financial avenue, offering enduring financial security and the potential for long-term wealth accumulation. This multifaceted characteristic distinguishes it from conventional college savings vehicles such as 529s or Coverdell ESAs, making it an advantageous dual-purpose asset for families with long-term financial planning objectives.
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How much should you save?

Setting realistic savings goals is essential. Today, the average annual cost of attendance for a public in-state university is $25,707, and $54,880 for a private university. Multiply that by four years, and it's easy to see why the need for early planning ahead becomes evident.

*The numbers reflected may vary in different regions.

Start Building Your College Fund Today

Whether initiating or refining your approach to your child's college savings, taking decisive action without delay is imperative. Commencing without delay enables your finances to benefit from an extended period of growth, rendering the realization of academic aspirations more feasible.

Why Expert Guidance is Essential

Tailored solutions for your unique needs

Tailored solutions for your unique needs

Because your values and goals are personal to you, a one-size-fits-all solution simply won't do.

Get the ideal solution for you

Get the ideal solution for you

Consulting with an experienced professional can help you explore options to find the right balance of benefits tailored to your needs.

Together for the long haul

Together for the long haul

As your life evolves, so do your needs. I’ll be there to help you every step of the way.

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Smart moves now, bright futures ahead: college funding done right.

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