College Savings Plans

College Savings Plans

You want the best for your children

McCaffrey Wealth Management can help you plan for & invest in their future with custom college savings plans.

You want the best for your children

With the cost of tuition & related expenses steadily rising, saving for your children's higher education may feel like an impossible or daunting feat. But not to worry, we've helped many families just like yours understand the different savings options available, & implement an appropriate strategy for their family's needs.

For most families, a college savings plan offers a good mix of benefits that will help them reach their college savings goals. Below we have some useful information on college savings plans as well as several other options. However, these are by no means your only options. When discussing education funding & your family's specific needs, or holistic family planning, we can often learn that other savings options are more appropriate.

If you have questions or would like to discuss appropriate options, please send us an email, give us a call or schedule a free consultation by using this link:

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Types of College Savings Plans

College Savings Plans

High contribution limit
High growth potential
Tax advantaged (earnings grow tax-deferred & qualifying withdrawals are tax-free)
Low impact on financial aid
Access contributions anytime & no age limit to use funds
You own & retain control of the account, & how to use funds
Transferable to other children or beneficiaries to fund their educations as well

Education Savings Account (ESA)

$2,000/year contribution limit
High growth potential with wider selection of investments
Tax advantaged (earnings grow tax-deferred & qualifying withdrawals are tax-free)
Low impact on financial aid
You retain account control & how to use funds, but funds must be used by beneficiary's age 30 or transferred to another

UGMA or UTMA

Uniform Gifts to Minors Act or Uniform Transfers to Minors Act account is owned by a minor that's off limits until they reach adulthood. After that, the money can be used for any purpose.

High contribution limits
High growth potential with wider selection of investments
No tax advantages
Larger impact on financial aid
The account belongs to the beneficiary & you can only use it on their behalf until they're 18, at which time they gain full control

General Investment Account

No contribution limits
High growth potential with wider selection of investments
No tax advantages
Low impact on financial aid
No limits on when to use it
You own & retain control over the account at all times
No limits to what funds can be used for, educational expenses or otherwise

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