College Savings Plans

Invest in your child’s future today

Education is one of the most meaningful investments you can make. At Cox, Klugh & Company, we help families build college savings plans that grow efficiently, take advantage of tax benefits, and fit comfortably within their broader financial goals.

A head start that pays off later

Smart planning for a brighter future

With the cost of college rising every year, saving early can make all the difference. Our advisors work with parents and grandparents to create customized education funding strategies that reduce future student loan debt and keep your overall financial plan balanced.


We understand that paying for college can feel overwhelming. That’s why we simplify the process — from estimating future costs to setting up contributions — helping you give the gift of education without sacrificing your own financial stability.

A tax-smart way to save for education

Why families choose 529 college savings plans

For most families, a 529 plan is one of the most effective ways to save for college. Contributions grow tax-deferred, and withdrawals are tax-free when used for qualified education expenses such as tuition, books, and housing. Many states also offer tax incentives for contributions, making 529 plans a flexible and tax-efficient education savings tool.


Funds from a 529 plan can be used at accredited colleges and universities nationwide, and in some cases for approved international programs. These plans are transferable between beneficiaries, adaptable if education plans change, and may also be used for K–12 tuition or certain apprenticeship programs.


We help families evaluate available 529 options and select investment choices that align with their timeline and comfort with risk. This often includes age-based portfolios that gradually shift toward more conservative allocations as college approaches. As your child grows, we monitor progress and adjust contributions or investments to help keep education goals on track.

Building a strategy that fits your life

Clear steps to reach your education goals

Set a Savings Target

We project future tuition costs and help determine how much to save each month to meet your goal — without stretching your budget too thin.

Balance Other Priorities

We make sure saving for college doesn’t derail your retirement or other long-term plans. Our approach balances all your financial goals.



We take the guesswork out of saving for college by providing personalized guidance every step of the way. Here’s how we help:

Choose the Right Account

We explain the pros and cons of 529s, Coverdells, and UTMAs so you can choose the best fit for your family’s situation and tax advantages.

Coordinate with Family

We work with grandparents or other relatives who wish to contribute, ensuring contributions are structured for maximum tax efficiency and financial aid eligibility.

College Savings FAQs

Guidance for parents and grandparents

  • How much will college cost when my kids are older?

    College costs are rising about 4–5% per year, which means a newborn today could face $200,000 or more for a four-year public university by the time they enroll. Private schools may cost twice as much. While those numbers can seem daunting, strategic saving — even small amounts early on — can dramatically reduce reliance on loans later.

  • How much should I be saving each month?

    That depends on your child’s age, the type of school you’re targeting, and how much of the cost you want to cover. For example, saving $250 per month for 18 years at 6% growth could yield roughly $100,000. We’ll calculate a realistic monthly goal that fits your budget and aligns with your other financial priorities.

  • Why choose a 529 plan? What if my child doesn’t use it?

    A 529 plan offers tax-free growth and tax-free withdrawals when funds are used for qualified education expenses. If your child earns scholarships or chooses a different path, you can change the beneficiary to another child, a family member, or even use the funds yourself. In some cases, unused funds may also be rolled over into a Roth IRA for the beneficiary, subject to specific rules and limits.


    If 529 funds are used for non-qualified expenses, the earnings portion of the withdrawal may be subject to income taxes and additional penalties. We help families understand these rules and choose a strategy that keeps flexibility while avoiding unnecessary costs.

  • Are there alternatives to 529 plans?

    Coverdell ESAs and UTMA accounts exist, but they have drawbacks such as low contribution limits, income restrictions, or negative financial aid implications. In most cases, 529s provide the best balance of tax advantages and flexibility. We’ll walk you through each option to make sure you understand what’s right for your situation.

  • How do I save for college without hurting my retirement plan?

    Retirement always comes first — there are no loans for your golden years. We help you strike a healthy balance between saving for education and maintaining your long-term security. That might mean using raises, bonuses, or gift contributions for the 529 while continuing to build retirement savings.