529 Savings Plan

College savings plans are state sponsored investment accounts that allow participants to contribute regularly. 529 plan investments grow tax-free and withdrawals from the plan for qualified educational expenses are exempt from federal income tax.

Prepaid tuition plans are offered primarily by state colleges and universities to help you lock in today’s prices for tomorrow’s tuition costs. Although there is no guarantee that they will be sufficient to cover the future cost of college. They allow you to pay in advance to cover your child’s fees and expenses. But what if your child decides on a college in a different state? These plans allow you to transfer the value to out-of-state public and private colleges.

If you have children at home—or grandchildren you’d like to help with college costs—ask your financial planner to help you set up a 529 plan. Be sure to talk with your tax advisor, as your home state may offer tax benefits for investing in its plan.

CLICK HERE to get your free copy of our 24-page retirement booklet, “Planning for Retirement – Strategies for Your Life, Your Finances, and Your Future”. In this booklet, you’ll learn more about strategies and options for your future.  

CLICK HERE for your FREE YEAR-END TAX & FINANCIAL REVIEW. This free review will include:

• Portfolio Review
• Statement of Assets and Liabilities
• 401k Recommendations
• Investment Recommendations

Contact us today to take advantage of this special offer. Offer expires 12/31/06.

Are You Getting the Most from Your 401k?

Now that pension plans have all but disappeared from corporate benefit plans, employees are relying almost entirely on their 401k plans to save for their retirement.

Are you getting the most from your 401k plan? Depending on your income and your age, you can contribute up to $20,000 in pre-tax dollars per year—and in some cases more—to your 401k retirement fund. Not only do you pay no current year income taxes on your 401k contributions, your account grows tax-free until you withdraw the money after retirement. Withdrawals made prior to 59½ are subject to taxes and possible penalties.

At many firms, employers also offer to match a portion of your contribution with a corporate contribution—also pre-tax.

But there’s more to 401k investing than simply paying into the plan. Ask your financial planner to help you select the right mix of investments to give you the best possible portfolio for your needs, objectives and threshold for risk.

Who should you listen to when your money is involved? You would be well served to maintain a healthy suspicion of financial advice provided by anyone. We do not exempt Wealth Enhancement Group. Think critically of any advice that has anything to do with money.

In almost every discussion of money, someone has something to gain. When you hear advice from anyone, including us, think about whether that person has anything to gain if you act on that advice. The key is, can you clearly see that the advice benefits you?

Wealth Enhancement Group has helped thousands of Minnesotans plan for a comfortable retirement. With a team of experts well-versed in financial planning, investment management, and maximizing tax strategies, Wealth Enhancement Group will help you achieve the life you imagined.