Back to school season is upon us. It’s an exciting time that’s full of new beginnings and a fresh start. Make this your best year yet by planning a head — from a daily schedule to optimizing your college saving efforts.
Create a game plan for investing in education
Whether your child is starting first grade or the first year of high school, it’s always a good time to think about how you’re preparing for college. If you don’t have one already, contributions to a 529 college savings plan grow tax-deferred and qualified withdrawals are tax-free.
The availability of tax or other state benefits (such as financial aid, scholarship funds and protection from creditors) may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors. The earnings portion of non-qualified withdrawals is subject to federal and state income taxes and a 10% federal penalty.
The Learning Quest® 529 Education Savings Program offers age-based tracks, which uses your child’s age and/or risk comfort level to determine investments, and a static track, which considers a portfolio by risk comfort level.
If you already have a 529 account, now is a good time to review your investments and your contributions. What can you do to maximize your saving efforts this year?
Set goals for the year
Create goals for this year — both as individuals and as a family. Share your goals to keep each other motivated and show support. Set goals across the board. What health goals can you strive for? What are the academic achievements you could work towards together? What do you want to do different this year — Less time watching TV? More time on a creative hobby?
Be sure also to include your college savings in goal setting, too. You can even ask friends and family to skip the gifts for holidays and birthdays and contribute to your 529 plan instead. Set up a crowdfunding page to get family and friends in on helping you save through the Learning Quest 529 Education Savings Program.
Make a daily schedule
It seems as soon as the school year begins, we don’t stop moving. School events, after school practice, music lessons, birthday parties and work events consume our calendar. Creating a daily schedule will not only help keep you organized, but can help you schedule things that are often overlooked. Schedule in family game nights, after-dinner walks, reading and those other activities that get away from us but are what truly matters.
Prioritize daily self-care
Sometimes between work, school and extracurricular activities, self-care gets lost in the shuffle. But taking time to reboot will make you and your family that much better and healthier. Encourage self-care for the entire family. Get started with brainstorming fun ways to stay physically active, eat healthy, get good sleep and unplug.
Before investing, carefully consider the plan's investment objectives, risks, charges and expenses. This information and more about the plan can be found in the Learning Quest Handbook, available by contacting your financial advisor or American Century Investment Services, Inc., Distributor, at 1-800-579-2203, and should be read carefully before investing. If you are not a Kansas taxpayer, consider before investing whether the beneficiary's or your home state offers a 529 Plan that provides its taxpayers with state tax and other benefits not available through this plan.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
Notice: Accounts established under Learning Quest and their earnings are neither insured nor guaranteed by the state of Kansas, the Kansas State Treasurer or American Century.
Administered by the Kansas State Treasurer.
Managed by American Century Investment Management, Inc.
