Saving for retirement ends up being a primary goal for many people during their working years. Worrying about when and if we can retire leads to many sleepless nights. Having an idea of how much you need, and whether you’re on track, can help alleviate some of these worries.
We wrap up our three-part college savings series by taking a look at how to utilize a 529 plan to save for college. We’ve already addressed whether college savings can fit into your financial plan and how much college is going to cost. Once it’s clear that you can save for college (because your own retirement is taken care of) and have figured out how much you need to put away, we can begin funding a 529 plan.
Last week, I asked you to take a hard look at your current financial situation and decide whether or not savings for your child’s college is the best use of your resources. This week our focus is on how much college costs and what it will take to get you there.
We want the best for our children. One of the most important goals for a parent is ensuring that our children are as well-equipped as possible for the challenges of their adult lives. Saving for college is a massive financial undertaking for a parent. In order to be successful, you need to use the right strategies to get there.