Danae Domian: May 21, 2018

Tips & Techniques to Save for College

MAY 29TH IS SAVE FOR EDUCATION DAY, DEDICATED TO RAISING

AWARENESS FOR 529 PLANS AND SETTING EDUCATION SAVINGS GOALS

Danae Domian

Principal, Tailored Solutions for Edward Jones

In today’s world, saving for a child’s education can be a huge challenge especially, for example, with the costs averaging $50,000 a year for a private college education and $10,000 a year for in-state tuition.  One way to start saving is creating a 529 education savings plan which operates in a way similar to an IRA or a 401(k) plan. As such, the government provides a way for you to save for your child’s education tax-free through several savings options, from more aggressive to more conservative.  These plans offer significant tax advantages allowing any gains on the accounts to be tax-deferred. The account’s earnings are not federally taxed and there may be state tax benefits as well.

According to the annual 529 Plan Awareness Survey from financial services firm Edward Jones, 7 out of 10 Americans still don’t know what a 529 plan is. In its seventh-year monitoring education savings awareness, the survey found that only 29 percent of respondents could correctly identify a 529 plan as an education savings tool among four potential options, including a retirement savings plan, a form of life insurance, or a low-cost health plan.

 

Did you know?

  • 43% used, or plan to use, their personal savings to pay for higher education expenses
  • 31% plan to use federal or state financial aid
  • 20% plan to use private student loans
  • 13% plan to use a 529 plan.

As part of their ongoing effort to raise awareness for 529 plans and education savings techniques, Edward Jones branches across the country are recognizing May 29 (5/29) as “Save for Education Day” – a firm-wide holiday derived from the name of the popular education savings tool. Branches will be hosting events in their communities to remind families about the importance of setting education savings goals.  Families are encouraged to visit their local branches to learn more about planning for their children’s educational future.

On Monday, May 21st, financial expert Danae Domian is available to you and your listeners to offer tips on saving for your children’s education and learn more about 529 college savings plans.

For more information please visit www.edwardjones.com

MORE ABOUT DANAE DOMIAN:

Danae Domian began her career with Edward Jones in 1992 as a marketing specialist working in the bond trading area. In 1998, she left that position to become a financial advisor and open a branch office in Lake Oswego, Ore. In her capacity as a financial advisor, Domian served the firm in multiple roles on her region’s leadership team. Domian became a limited partner with the firm in 1995, and in 2007, she was named a principal with the firm and invited to relocate to the firm’s St. Louis headquarters to serve on the New Financial Advisor Training team. She moved to the Client Strategies Group in 2015.

A 1990 graduate from Indiana University Bloomington, Domian obtained an MBA from the University of Portland in 1998. Her husband, Tom, is an Edward Jones financial advisor in St. Louis.

Comments

  1. Tommy Domian says

    That’s my mom… she’s pretty cool!

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