Flushing Bank: it’s never too early to start saving for college

Saving for higher education was the subject as Flushing Bank hosted a seminar designed just for parents with small children at the Bay Ridge Library on May 11.

“We try to be involved in the community as much as possible,” said Amanda Quiñones, branch manager of the Flushing Bank Bay Ridge office. “When it comes to saving for college, the smaller they are, the better.”

Financial consultant Andre Beckles talked to about 26 “future graduates” and their parents about saving options. “You go to the store every day and it seems like the prices keep going up,” he said, noting that tuition increases six to 12 percent each year. “We have to entertain the idea that saving for a college level program is just as important as retirement.”

Beckles talked about a 529 savings plan that is tax deferred and can be started with as little as $25 per year. “Saving for the future is key,” he said, noting that 20 million students enter college per year. “The better you do making it to college, the better you will be moving forward.”

Beckles explained that any family member can contribute to the plan. “Grandparents can open a plan and prefund it by five years. Anyone in the family can put aside money for children,” he said. “When they get money from birthdays, they can put it in that account.”