servicesEducation Planning
The future has a way of arriving sooner than expected.
One day you're celebrating a birthday or the first day of school. Before long, conversations begin to shift toward college, trade school, graduate programs, or whatever path comes next.
Planning ahead doesn't mean having every answer today. It means creating flexibility for tomorrow, while balancing the financial priorities that matter to your family today.
Opening Doors To Opportunity
Education planning is about more than preparing for tuition.
It's about creating opportunities while keeping your broader financial picture in focus.
Some families hope to cover the full cost of higher education. Others simply want to provide a meaningful head start. There isn't one approach that's right for everyone.
The strategy should reflect your family's goals, resources, and the future you hope to help create.
Your Goals
There are several ways to save for future education expenses, including 529 plans and other education savings strategies. Together, we'll discuss the options that best fit your goals and circumstances.
Your Savings Strategy
Education planning is one part of a much larger financial picture. We'll consider how saving for future educational expenses fits alongside retirement planning, emergency savings, and your other long-term priorities.
Your Financial Balance
Plans evolve over time. As educational goals, costs, or family circumstances change, we'll continue reviewing your strategy to help keep it aligned with your objectives.
Looking Ahead
Helping someone pursue their education isn't about predicting exactly where they'll go.
It's about giving them the flexibility to choose the path that's right for them.
Selecting a College Savings Plan
As with any savings goal, risk tolerance, investment strategies, and the investment timeline should be considered. In addition, selecting the correct owner of the college fund is important as it may impact your child’s ability to qualify for financial aid funding in the future.
Several college savings plans are available through Lumena Financial Strategies, including:
- 529 Plans
- Custodial (UTMA/UGMA) Accounts
- Coverdell Education Savings Accounts
- Mutual funds
- Cash accumulation insurance products
Some parents and grandparents are unsure whether the child will go to college. Instead, they might choose to save in a traditional investment account then gift the funds to the student when they start college.