Education Planning
Planning for Education Without Losing Sight of Other Goals
With some preparation, we can develop an approach to help you manage the cost of education for your children. We build an individualized savings strategy that fits your timeline and budget, without losing sight of your other financial goals.
Who is this For?
Education Planning Strategies
529 Plans
529 plans are tax-advantaged accounts designed to help families save and invest for future education expenses. They can be incorporated into a broader financial plan based on your education goals, timeline, and funding priorities.
Education Cost Projections
Estimating future education costs can help you understand how much you may need to save and create a realistic funding strategy. Projections can account for your timeline, savings already set aside, and the type of education you hope to fund.
Parents vs. Grandparents Funding Education
Parents and grandparents can both play an important role in helping fund education. Thoughtful planning can help coordinate contributions and determine how education savings fit within each generation’s broader financial and legacy goals.
Balancing College Savings With Retirement
Saving for education is important, but it should be considered alongside your own long-term financial security. A coordinated financial plan can help you determine how much to direct toward college while continuing to prioritize retirement goals.
Flexibility if Plans Change
Education plans can change, so your savings strategy should consider flexibility if a child chooses a different school, receives scholarships, or pursues another path. Planning ahead can help you understand your options and adapt your strategy as circumstances evolve.
Our Education Planning Process
The Outcome
A savings strategy that supports education goals without compromising your other priorities.
Key Benefits
With Mattson Wealth Management, your education savings strategy is matched to realistic cost projections and guided by the right mix of 529 plans and other tax-advantaged options. We balance that savings against your retirement and other goals rather than treating it in isolation, and we build in flexibility to adjust as plans change. The goal is peace of mind heading into tuition bills, whatever path your student ends up taking.
Frequently Asked Questions
What is a 529 plan?
It's a tax-advantaged savings account designed specifically for education expenses. We can help you decide if it fits your situation.
How much should I be saving for my child's education?
It depends on your goals, the type of school you're planning for, and your timeline. We build a projection specific to your family.
Should I prioritize education savings over retirement?
Generally, we recommend keeping retirement savings a priority since there are more ways to fund education than retirement. We help you find the right balance.
What if my child doesn't need all the funds saved? What happens to unused 529 funds?
We build in flexibility and can discuss options for unused funds, including transferring them to another beneficiary.
Can grandparents contribute to a grandchild's 529 education fund?
Contributing to a grandchild’s 529 plan can be a meaningful way for grandparents to help fund future education expenses while incorporating education funding into their broader financial and legacy planning.
Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer's official statement and should be read carefully before investing.
Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investment in any state's 529 Plan.