Your Expertise On 529 College Funds in Long Island

Craig James Financial Services, LLC can help you invest in a New York State 529 plan and provide education security for members of your family or even make college a part of your retirement.

A 529 College Savings Plan is an education savings plan operated by a state or educational institution that can help you set aside funds for future college costs. New York offers a 529 plan that can be used to meet the cost of qualified colleges both in-state and out-of-state.

The 529 plan is a great way for parents or grandparents to shelter inheritance money from estate taxes and contribute substantial amounts to a student’s college fund.

A 529 Plan (named after Section 529 of the Internal Revenue Code) provides special tax benefits including both federal and state benefits, simplified tax reporting and flexibility. You can maintain control over your own funds and the amount you can put into a 529 plan is substantial. In addition, there are no income limitations or age restrictions.

529 plans may be either prepaid or savings plans.

  • Savings Plans work like a 401(k) or IRA. Your contributions are invested in mutual funds or other investments. Your account will go up or down in value based on the performance of the particular investments.
  • Prepaid Plans allow you pre-pay all or part of the costs of an in-state public college education. They may also be converted for use at private and out-of-state colleges. The Independent 529 Plan is a separate prepaid plan for private colleges.

*Investments in 529 college plans involve investment risks. Although plans are established and maintained by states, the states do not provide guarantees against investment loss, except in certain very limited cases. As with any investment in a mutual fund, or other equity security, an investment in a 529 college savings plan can decrease in value. Furthermore, although the past performance of available investment options in a 529 college savings plan may be one of several appropriate factors to consider in choosing an investment, such past performance is not necessarily indicative of how a particular investment vehicle will perform in the future.

Retire and go back to college? Craig James Financial Services provides solutions targeted to your retirement goals. Click here to learn more about 529 College Savings Plans or call: 631.393.2888 or Toll Free: 877.876.2707

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