COLLEGE SAVINGS

Independent 529 plans offer parents the chance to pay for college in the future at today’s price which can lead to large discounts on future costs. The program co-sponsored between Independent 529 plan and TIAA-CREF allows allows you to prepay tuition today that your child can use later at any participating college. This program protects against increases in tuition and has no initial fees, no maintenance fees, and no annual fees—and is free from federal taxes. If one assumes that private college tuition inflation continues at an average rate of 5% per year and an Independent 529 Plan annual discount rate of 1%, then this is the equivalent of earning a 6% increase on those savings funds each year—tax-free