The Truth About 529 Savings Plans For College
When should you start saving for college?
The day your child is born and you get a social security number. Considering the cost of a private college at sixty to seventy thousand dollars per year, the sooner you start the better.
How should a college savings plan fit in with an overall financial plan?
Saving for college should be part of your overall financial planning. We discuss the clients overall goals including retirement, buying a new house, college etc. We then look at how much they need to save each month. If the resources are there we look to make monthly contributions into all their savings and investment accounts with one caveat. Remember you can always borrow for college but you can’t borrow for retirement.