529 plans

529 College savings

2023 Statistics

    1. Merit Aid (51%)

    2. Federal Student Loans (46%)

    3. Parent Savings and/or Income (40%)

    4. Student's Savings and/or Income (36%)

    5. Private Student Loans (20%)

  • College affordability is a major concern for 57% of students, but 81% still believe a college degree is crucial for their future

  • 61% of college students report that inflation has negatively impacted their saving and spending habits.

  • Despite financial challenges, many students exhibit responsible financial habits, with 71% having a personal financial goal, 60% having a job, and 50% keeping a personal budget.

  • 79% of students with student loans understand they will pay back more than they borrowed, but 69% are concerned about repayment, and only 47% feel confident about their ability to pay back the loans.

 Source: College Ave Student Loans 2023 

Sun Group Wealth Partners cares about you and your family’s education planning goals. We can provide valuable assistance to your family with your 529 college savings planning in several ways: 

  • Goal Setting

    The team will work with the family to define their education savings goals, considering factors such as the number of children, a desired education level (undergraduate, graduate), and potential educational expenses. 

  • Investment Strategy

    The financial advisory team will create a tailored investment strategy based on the family's risk tolerance and time horizon. They will help select appropriate investment options within the 529 plan to maximize potential returns while managing risk.

  • Valuable Advice

    The advisors will help the family determine how much to contribute regularly to the 529 plan to meet their education savings goals. They will consider the family's current financial situation and future income projections. 

  • Efficient Tax Optimization

    One of the key benefits of a 529 plan is its tax advantages. The financial advisory team will structure contributions and withdrawals in a tax-efficient manner, minimizing tax liabilities and maximizing savings growth.

Planning Goals

Planning Goals

  • The advisors will strategize on how to use 529 plan funds most effectively to minimize the impact on the student's eligibility for financial aid.

  • Life circumstances change, and the financial advisory team can adapt the 529 plan strategy to accommodate unexpected events or shifts in the family's financial priorities.

  • As the child approaches college age, the advisors will adjust the asset allocation within the 529 plan to reduce risk and preserve capital. This ensures that the funds are available when needed for educational expenses.

  • An experienced financial advisory team will conduct periodic reviews of the 529 plan's performance and adjust the strategy as needed to align with changing circumstances and goals.

  • The team will educate the family about the benefits and features of the 529 plan, helping them understand how it fits into their overall financial plan and the importance of consistent contributions.

The guidance and expertise that Sun Group Wealth Partners brings to families is coupled with their commitment to ensuring their their college savings plan is well- structured, tax efficient, and aligned with their specific goals.

Can you imagine not educating your own children past high school? Should employees feel any differently about their own families?

Encourage

Earn the respect and trust of tomorrow's leaders, by contributing to their education.

Educate

Inspire adult learners within your organization to further their own education.

Enjoy

Earn the respect and trust of tomorrows leaders, by having contributed to their education.

Earning

Attract top talent in a competitive hiring market and benefit by fostering an educated work force.

Featured 529 Videos and Articles

529 Q&A

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. 

Sun Group Wealth Partners is a registered representative with, and securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Sun Group Wealth Partners, a registered investment advisor and a separate entity from LPL Financial.