Saving can be hard, and saving for something as expensive as a college education can be even harder. No matter if you’re planning ahead for toddlers, tweens, teens – or even yourself. We can help you find a savings solution!
- 529 College Savings Plan: These types of accounts offer a range of investment options. You can even structure them to become more conservative as your student reaches their college years. As long you use the earnings on approved education expenses, earnings are tax-free! Additionally, over 30 U.S. states allow you to deduct all or part of your contributions! Anyone can contribute to 529 college savings plans from grandparents to extended family to friends. Furthermore, it even be used for a sibling or cousin if the intended child does not go to college. Click here to learn more about 529 college savings plans!
- Uniform Gifts to Minors/Uniform Transfer to Minors Act (UGMA/UTMA): This is a good solution if your children or grandchildren attend private schools. Investing this way also removes any contribution limits and restrictions on how you use the earnings!
Our agents know that every situation is different. So, we can help you tailor insurance and financial solutions to both your needs and budget. Whether you need an insurance quote, a policy review, or assistance choosing a financial product your Farmers Family is here!