If one of your financial goals is to pay for a child’s education, the earlier you establish a college savings plan the better. Not only will you save more, but you’ll also have more time to ride the ups and downs of the financial markets if you choose to invest your savings.
Two of the most common college funding vehicles are 529 Plans and Coverdell Education Savings Accounts, though there are many ways to save for a child’s education.
And although your wish may be to fully fund your child’s education, don’t allow that goal to put your own retirement at risk. If you don’t take care of funding your own retirement, you may end up weighing down your kids with that responsibility later in life.
Children have options for funding their education such as loans and scholarships. Retirees don’t.
Working together on your financial plan, we can help you better understand your options to address your financial goals.