Have A Savings Plan to Help Your Children Succeed
Are you asking yourself, “How do I pay for my children’s college?, “How do I pay for my grandchildren’s college?, or “How much should I be saving towards college?”, it all starts by saving early and harness the power of compounding.
Help your children – or grandchildren – seek out educational opportunities that will help them later with a greater chance at financial security and even open doors.
Education Savings
College is a key milestone and may be some of the best days of your student’s life, but preparing for that phase can feel overwhelming. Most people agree that an investment in a college education is money well spent. But finding the money to pay for escalating education costs is not easy, nor is it cheap.
You may not know, however, just what a bachelor’s degree costs today. Here are the latest figures:
State Colleges and Universities
- • Tuition/fees: $10,740
- • Room/board: $11,950
- • Total: $22,690
Private Colleges and Universities
- • Tuition/fees: $38,070
- • Room/board: $13,620
- • Total: $51,690
Source: The College Board
College costs roughly triple from the time a child is born until they day he or she heads off to college. Don’t despair just yet. Even if you are getting a late start, when it comes to paying for a child’s education, saving is certainly cheaper than borrowing. We can help you figure out which method of education saving works best for your situation while also allowing you to continue with your own retirement planning.
This article is not intended to provide specific investment or tax advice for any individual. Consult your financial advisor with questions.
Want to Learn More?
The best way to begin investing in your life’s future is by starting a conversation with us. Our advisors are here to help and guide you through your financial goals without the use of high-pressure sales tactics. At Alderfer Bergen & Co. there are no initial consultations fees, no obligations and therefore, no stress.