The best way to pay for college out of pocket is with a 529 college savings plan. These plans were created in 1996 with the intent of participants setting aside funds to pay for college sometime in the future. The best part of these plans, and what makes them such an effective tool to pay for your kid’s college, is earnings in the plan grow tax-free if used for qualified higher education expenses. Why is tax-free growth so important and what are qualified higher education expenses?
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Michael Pensinger, CFP® is Owner and President of Pensinger Financial, Inc.
He grew up in Park Forest, Illinois and now resides in Lemont, Illinois with his wife, two children, and two dogs. Michael serves as Treasurer on the Lemont Area Chamber of Commerce Board of Directors and he volunteers for the Lemont Open Space Committee. Read More Archives
May 2020
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