A college education is a precious gift but it can also be an expensive one. Families trying to save for college require a foresight and detailed planning. The Wyoming college invest 529 savings plan is a great way for Wyoming residents to start the process now. This sooner you start saving money for your children’s higher education needs the faster you can achieve your goals.
Saving for college is one of the best ways to help make college possible for your loved ones. Here are some of the many advantages that accompany the Wyoming 529 college savings plan. There are two different 529 college programs that are offered by the state. These include the direct portfolio college savings plan and the stable value plus college savings plan. Both offer outstanding benefits that can help you with your college tuition goals.
Direct Portfolio College Savings Plan of Wyoming
This outstanding 529 program is authorized by the state of Wyoming in affiliation with College Invest. This program features age based and static portfolio options. The Vanguard group was selected to manage this outstanding fund. Vanguard offers their clients different portfolio options that can be customized for their personal needs. There are no enrollment fees or expenses that are associated with the 529 account.
Account holders will have an option of investing in age-based portfolios or static investment options. Age based options are offered at three different risk levels. Aggressive, moderate, and conservative options are available depending on your personal investment strategy. Static investment options offer five multi-fund portfolios with varying risk tolerance.
This gives parents total control of their accounts and how they would like their money invested. The Vanguard group offers great customer service and college savings specialists that you can utilize to your benefit. Speaking to a college investment advisor can help you develop the best plan for your situation.
Stable Value Plus College Savings Plan of Wyoming
Metropolitan insurance company or MetLife was selected to manage the stable value plus college plan. The plan offers static investment options but no age-based portfolio funds. Funds are invested in stable value investments under a funding agreement with MetLife insurance. The interest rate is declared annually which makes the fund extremely stable and low risk. The problem is the growth potential of the account is limited. This program is great for parents that did not want to take great risks with their investments.
Account Flexibility with the Wyoming 529 College Savings Plans
Depending on which account you choose you will have total control of how your money is invested. Account flexibility can be the key factor when trying to reach your tuition goals. Once you have opened your account you can choose the portfolio that is right for you. Making dedicated contributions into your account monthly you will help you reach your financial goals. Account holders can change who the beneficiary is on the account once per year. The money saved can be used for almost any qualified college University in the United States.
The Wyoming college savings plan offers many different advantages for their residents. If you are intent on your child attending a university you will want to start saving money now. This may be the best investment that you make in your child’s life.