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A college education is one of the greatest investments you can make for your child, but without proper planning, the costs can be overwhelming. At NovaPoint, we provide high-net-worth individuals and military families with expert financial guidance to ensure they maximize every opportunity to fund their child’s education. With rising tuition rates and inflation, early and strategic planning is essential to securing your child’s future without sacrificing your overall financial well-being.
Tailored Solutions for High-Net-Worth Clients
NovaPoint specializes in financial planning for high-net-worth individuals, integrating education savings strategies into a broader wealth management approach. We help our clients optimize their investment portfolios, take advantage of tax-efficient savings vehicles, and incorporate college planning into a comprehensive financial strategy that protects and grows their wealth over time. Our personalized approach ensures that your education savings strategy aligns with your broader financial goals, allowing you to plan for college without jeopardizing your other investments.
Unlock Smart Savings Strategies
To make the most of your college savings, leveraging the right investment vehicles is crucial. Two of the most effective options are 529 plans and Roth IRAs:
- 529 Plans: These tax-advantaged savings accounts allow your contributions to grow tax-free, and withdrawals for qualified education expenses—including tuition, fees, books, and room and board—are not subject to federal taxes. Some states also offer additional tax benefits for contributions, further enhancing their value. With flexible contribution limits and the ability to change beneficiaries, 529 plans are a cornerstone of strategic college savings.
- Roth IRAs: While traditionally used for retirement, Roth IRAs offer flexibility for education savings. Contributions can be withdrawn at any time without penalties, and earnings can be used for qualified education expenses under certain conditions. This makes them a versatile option for families looking for a balance between retirement planning and education funding. and books.
Maximize Military Benefits for Dependents
If you’re a veteran or an active military member, you may be eligible for a variety of education benefits that can significantly reduce or even eliminate out-of-pocket college costs. Understanding how to navigate and maximize these benefits is key. NovaPoint specializes in helping military families take full advantage of:
- The GI Bill: Offers financial support for tuition, fees, housing, and books.
- The Post-9/11 GI Bill Transfer Benefits: Allows eligible service members to transfer unused education benefits to spouses or children.
- Other Military Tuition Assistance Programs: Various branch-specific programs provide financial assistance for education. We ensure that military families are equipped with the best strategies to make the most of these benefits, integrating them into a complete financial plan.
Predict and Plan with Confidence
How much will college cost by the time your child enrolls? With tuition rates rising every year, projecting future costs is essential. NovaPoint provides cutting-edge college planning software that allows you to:
- Estimate future tuition costs based on inflation and historical data.
- Compare projected expenses for specific universities, state institutions, or national averages.
- Determine how much you need to save monthly or annually to reach your funding goals.
This data-driven approach gives you the clarity needed to make informed financial decisions, ensuring you are always one step ahead in your planning.
Start Planning Today – Secure Your Child’s Educational Future
The earlier you start saving, the greater your financial flexibility and opportunities for growth. Whether you are looking to maximize your 529 contributions, optimize military benefits, or integrate education funding into your broader wealth strategy, NovaPoint is here to guide you every step of the way.
Don’t leave your child’s future to chance. Contact NovaPoint today for a personalized consultation and take control of your college savings strategy now!
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Blake McDaniel, Investment Associate, Financial Planning Team
NovaPoint – Financial Planning and Wealth Management
Want a printable version of this report? Click here: Strategic College Planning
To learn more about these topics and our investment strategies, call us at 404-445-7885 or contact us here.
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