DON’T LET MONEY GET IN THE WAY OF YOUR GRANDCHILD’S EDUCATION
College expenses aren’t what they used to be. What used to be affordable to any student with a part-time summer job now can take years to pay off. If your grandkids want to go to college, the cost of education should not be a barrier to their future. Luckily there are ways that you can help ease that financial burden. There are no limits on age, income, or monetary contributions attached to this college savings account, and contributions are tax-deductible in some states. Just like a Roth IRA, the earnings grow over time and can be used tax-free for qualifying expenses, like tuition and room and board. There are a few downsides, however. Funds from INVEST IN A 529 SAVINGS PLAN.
a grandparent’s 529 savings plan are considered student income and could hurt your student’s eligibility for financial aid. If you choose to fund through a parent’s 529 savings plan, which doesn’t count as student income, you lose control over the funds you contribute. Not everybody has $20,000 just lying around, but if you do, using it to pay for your grandchild’s tuition isn’t a bad way to spend it. Normally, annual financial gifts that are exempt from the federal gift tax can’t exceed $15,000, but payments toward someone’s tuition, for any amount, are not taxed. Keep in mind, however, that the money can only go toward tuition, not toward PAY THEIR TUITION.
other college expenses like room and board or textbooks.
HELP THEM FIND OPPORTUNITIES TO SAVE.
Even if you don’t have thousands of dollars to give, you can still help your grandkids look for other opportunities to save. There are thousands of available scholarships, grants, and programs to help students pay for college, and helping them look online and in your community can go a long way. College could be your grandchild’s first stop on the path to achieving their dreams. You can be a part of that journey by making sure money doesn’t get in the way of that.
PLANNING FOR RETIREMENT IS MORE THAN FINANCIAL 3 BOOKS TO HELP YOU REIMAGINE YOUR LIFE AFTER WORK
NATIONAL GEOGRAPHIC’S ‘50 STATES, 5,000 IDEAS: WHERE TO GO, WHEN TO GO, WHAT TO SEE, WHAT TO DO’ If you’re like thousands of other retirees around the country, you might be eager to do some traveling during retirement. If you’d rather stay a little closer to home, then this book is ideal for you. Travel experts at National Geographic have joined together to relay the best travel experiences in every state, from the obvious to the unexpected. With sites including beaches, battlefields, national parks, hotels, and out-of-the-way museums, the book has something for everyone! The years you spend in retirement are called “golden” for a reason. Check out these books to see how to make the most of your newfound free time!
While several amazing and informative retirement books top the best-sellers list, many of them solely explore financial topics and avoid discussions regarding how individuals can actually approach the “living” aspect of retirement. While financial planning is of the utmost importance, the huge life transitions associated with retirement deserve equal recognition. It’s for this reason that the team here at Patriot Wealth decided to compile a list of three best-selling books to help you prepare for this new and exciting chapter of your life!
mental and physical well-being, and solid social support.” With over 110,000 copies sold, this publication has inspired curious retirees to take charge of their purpose and fill their time with meaningful and inspirational experiences. In his book, award-winning author Hyrum W. Smith combines enthusiasm and humor to help retirees reimagine their lives outside of the workforce. Through his challenging and compelling principles, Smith helps readers find answers to the following questions: 1) Can you simplify life? 2) Is there a way to make intelligent and anxiety-free retirement planning choices? 3) Can you learn from the lives and experiences of people who have found their pathway to happy retirement? 4) What are their secrets to aging well and a happy retirement? ‘PURPOSEFUL RETIREMENT’
‘HOW TO RETIRE HAPPY, WILD, AND FREE’
According to world-class author Ernie J. Zelinski, the key to a great retirement involves much more than access to adequate funds; it also incorporates “leisure activities, creative pursuits,
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