Mark Stevens

College Planning: Young Children

Boy, there is just no getting around the fact that a college degree can be really expensive, and for many it’s the #1 reason they don’t go to college.

If you have a goal to help your child get a college degree without student loan debt, there are a few articles here on this page that can help you learn the best ways to save and invest.

One of the most talked about savings option is the 529 plan. Therefore, I encourage you to read: “The ABC’s of 529 Plans”.

Or if you are a grandparent looking for ways to chip in- read: “How Grandparents Can Help Grandchildren with College Costs” and then you can read: “Estate Planning and 529 Plans”. These will provide very good information on how the 529 plan can help pay for college as well as explain some of the tax benefits that Uncle Sam allows.

You might also be interested to learn that there’s a growing trend to use an investment vehicle that is not an education savings account at all. This trend is to instead use a ROTH IRA. If this sounds new to you, you’re not alone. It may not be as common to use a ROTH IRA, but for some it has more benefits. To learn more, read the article below called: “Saving for College: 529 vs. Roth IRA’s”.

One final thing before I wrap up- And it’s a critical piece of advice I share with every client. And that is; it’s great to be able to help pay for your children’s’ or grandchildren’s’ education, but only if you’re setting aside enough money for yourself first. If you don’t have the financial security you need at retirement, and many don’t, then you could end up becoming a financial liability to your kids some day. And nobody wants that!

If you have any questions, click on the link above to schedule a Free 15 minute phone call with me. As always, I’m here to help.