Education Savings Plan
With an education savings plan – you can gradually build up on the funds necessary to support your children’s future.
A great education is the best possible start in life, and most parents want to ensure that they can provide for their children’s education, from primary school right through to third level.
A lot of parents do not realise the amount of costs involved in providing a third level education.
With an education savings plan – you can gradually build up on the funds necessary to support your children’s future.
Zurich Ireland has carried out research on the Cost of Education in Ireland in 2022
see below:
What are the benefits?
- Peace of mind – knowing you have a plan in place will help relieve some of the financial pressure B
- Gift Tax exemption – The plan allows you to maximize the Gift Tax saving by enabling you to legally assign the plan to your child, thus making full use of the annual Gift Tax exemption limit of €3,000 from any individual (€6,000 from a married couple).
- Flexibility – You can vary your payments whenever you like, you can increase payments or even take a break.
- Funds –Wide selection of funds you can choose to invest in.
Gwen Clarke Financial Services Ltd’s team of experts offers a wide range of services, including investments, pensions, corporate pensions, mortgages, and life protection. We understand that each of our clients has unique financial needs, which is why we tailor our services to meet your specific requirements. Our goal is to help you achieve your financial goals by providing you with personalized advice and guidance every step of the way. Whether you’re looking to invest for the future, secure a mortgage, or protect your loved ones, we can help. Contact us today to learn more about our services and how we can assist you in your Educational Savings Plan and in securing your financial future!
Frequently Asked Questions about Education Savings Plan
If I come into a lump sum can I invest this into the Education Savings Plan?
Ideally I would always like to see some my clients diversify and not have all their finances in the one pot. You could possibly look at putting the lump sum into an investment Bond and keep this separate from education savings, this product would also still have a wide variety of funds that you could choose from.
Will this money go to my children as soon as they start college?
No, the money wont be paid out to your child directly. Also as the policy is in your name they wont have authorisation over how much is withdrawn from the plan.
You have control over where you want the money to go to such as Fees, Accomodation, Books etc..
