Do you have questions or concerns about an early "buy-out" retirement offer, retirement planning, or your IRA/401K? Would you like to talk to an advisor on how to invest your money, or what investment options are available? Summit Brokerage is here to assist you and we offer no-cost, no obligation, consultations. Our advisors will work with you to create a plan for retirement, provide advice in an early retirement "buy-out" offer, and assist you with your IRA/401K from past employers.

We are a full-service brokerage firm with advisors that can help you invest your money, plan for retirement, assist in Estate planning, set-up 529 college savings plans, life insurance, long-term care insurance, and Medicare Supplement/Prescription Drug insurance. Please look at our products and services page for more information on what we offer. 

August: What is a 529 Plan?

  • A 529 plan is a tax-advantaged investment product designed to save for future higher education expenses of a designated beneficiary.
  • Growth of the 529 plan is based upon market performance of underlying investments, usually consisting of mutual funds.
  • Plans offer a variety of age-based asset allocations and become more conservative as the beneficiary gets closer to college age.
  • Distributions from the plan must be for qualified education expenses; if it is not used for a qualified educational expense it is subject to income tax and an additional 10% early distribution penalty on the earning portion of the distribution.
  • It may provide state income tax benefit for all or part of the contributions of the donor, but the prime benefit is the principal grows tax-deferred and distributions are exempt from tax.
  • Another benefit is the plan is transferrable to other qualified members of the beneficiaries family without incurring a tax penalty. 

Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact Phillip Burton at 304-363-0073 to obtain a prospectus, which should be read carefully before investing or sending money.

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Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck