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From the Desk of Todd Wike

It’s hard to believe that October is almost upon us. I don’t know about you, but it seems to me that time passes more quickly as we grow older. I’m particularly aware of this each time our boys start another new school year. With Charlie now in sixth grade, high school will be here in the blink of an eye, and we know how fast those four years go by.

Todd’s son Charlie starting 6th grade

Todd’s son Graham starting 3rd grade

Sophia’s son and daughter: Domini starting 5th grade and Risa starting Pre K 4

Sara Lempa’s granddaughter Quincy starting 1st grade

Children grow up fast, and preparing for their education is an important financial goal for many parents. A 529 plan is a popular tax-advantaged savings plan families utilize to save for college, however, as stated in this article, recent changes in federal tax legislation now allow these accounts to be used to pay for primary and secondary education expenses as well. This change provides families with more flexibility in how they save and pay for education expenses throughout their children’s educational journey, from elementary school through college.

It is essential to be informed about the rules and guidelines specific to your state and individual plan. If you have questions about using a 529 plan for K-12 expenses or would like to know how it fits into your broader financial plan, please feel free to ask. We are happy to provide you with personalized guidance on using a 529 plan as part of your education savings strategy.

As always, if you have questions or concerns about your financial plan, please do not hesitate to reach out to us.

Todd M. Wike, CFP®
CERTIFIED FINANCIAL PLANNER™
Managing Partner, Potomac Financial Group

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