Saving for education and retirement - you can do both.
A Key Investment Services Financial Advisor can help you reconcile competing long-term goals, so you don't have to choose between the retirement you envisioned and helping a loved one pay for college. We're dedicated to finding solutions that let you have the life you want while realizing all your long-term plans.
Not all college savings plans are the same. A Key Investment Services Financial Advisor can help you find the one that best fits your needs.
Tax-deferred investment growth and flexibility with beneficiaries.
While a 529 Plan often offers additional state-specific tax savings, funds can be used at accredited colleges and universities nationwide. What's more, as the plan owner you can name anyone as a beneficiary - a relative, a friend, even yourself.
Coverdell Education Savings Account (ESA)
A greater range of investment options.
The Coverdell ESA can be set up with any number of banks, mutual fund companies and other institutions. And unlike traditional college savings plans, it can be used for primary and secondary schools - both public and private. Any unused funds can be rolled over into another Coverdell ESA for other family members.
Tax benefits and easier access to your funds.
While the money you deposit in a Roth IRA has already been taxed, it grows tax-free thereafter - and if used for education is available to you anytime you like, both tax-free and penalty-free. Plus, you can use any additional savings for your retirement.
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* You should consider many factors before deciding which 529 Plan is most appropriate. Some of these factors include: The Plan's investment options and the historical performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the plan. You should discuss the tax implications of 529 Plans with you legal and/or tax advisors, as features may vary significantly from state to state. While federal tax treatment of 529 Plans is identical regardless of the state Plan, state tax treatment varies. State tax treatment may vary for "in-state" and "out-of-state" residents. Generally, state tax laws affect the contributor by way of deductibility of money going into the account, and the beneficiary and/or contributor by way of the possible taxation or distributions coming out of the account. Please read the Plan Disclosure Document before investing. It includes details about the Plan's risks, charges and tax treatment. Most 529 Plans will accept both "in-state" and "out-of-state" applicants. Each stat'es 529 Plan must be evaluated based upon its own merits relative to your needs, and the tax effects on the contributor and the beneficiary.
- Withdrawals in excess of qualified higher education expenses may be subject to federal income taxes and a 10% additional tax on the amount included in income
- Plan holdings could reduce beneficiary's ability to qualify for grants and student loans
- Some states offer benefits for residents who invest in their state's plan, including deductions for contributions and/or exemptions form state for qualified withdrawals
Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are affiliated with KeyBank National Association (KeyBank).
Investment and insurance products made available through KIS and KIA are:
KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank. KIS and its representatives do not provide tax advise. Individuals should consult their personal tax advisor before making any tax-related investment decisions.
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