August often brings a shift in focus, from summer schedules to back-to-school routines and the months ahead. It’s also a natural time to check in on a few important parts of your financial plan.
This month, we’re highlighting two areas worth revisiting: education savings and estate planning. Whether you’re reviewing a 529 plan, updating your will, or simply making sure your plans still reflect your goals, a little preparation today can make a meaningful difference down the road.
Back to School: Planning Ahead for Education Costs
August means fresh notebooks, new schedules, and a good reminder to check in on education savings.
A 529 plan is a tax-advantaged way to save for future education expenses. Earnings can grow free from federal income tax, and withdrawals are generally tax-free when used for qualified education expenses. Depending on where you live, your state may offer additional tax benefits as well.
Whether college is around the corner or still years away, back-to-school season is a natural time to give your 529 a quick review:
- Check your contribution rate. Could a small monthly increase fit into your budget?
- Review your investment mix. As your student gets closer to needing the funds, your investment strategy may need to evolve.
- Invite family to participate. Grandparents and other relatives can contribute to a student’s education savings, making birthdays and holidays an opportunity to invest in their future.
- Start if you haven’t already. You don’t need to have everything figured out (or make a large initial contribution) to begin building an education fund.
The school year may be starting now, but planning for education is a long-term assignment. A little attention today can help make future tuition bills easier to tackle.
Have questions about your education savings strategy? Set up a meeting with your advisor to review your 529 plan and make sure it still aligns with your goals.
Let’s Review Your Estate Plan
When was the last time you reviewed your will or estate strategy? August is National Make a Will Month, a timely reminder to create a will or revisit the one you already have.
Major life changes, such as a birth, marriage, divorce, retirement, move to another state, or significant change in assets, may be a reason to take another look.
If it’s been a while since you reviewed your estate strategy, we recommend talking with your advisor about how it fits into your overall financial plan.
Keep Your Plan Moving Forward
Financial planning isn’t something you do once and forget; it evolves along with your family, goals, and circumstances. Taking time to revisit key areas of your plan can help you stay prepared for what’s ahead.
At U-Vest®, we’re here to help “U” keep your financial plan aligned with what matters most to you.
Special Dates Coming Up in September:
September 7 — Labor Day
September 11 — 9/11
September 22 — First Day of Fall
September is Life Insurance Awareness Month
September is Childhood Cancer Awareness Month