As a parent of a two and a four-year old, I stress about paying for their college tuitions almost daily. As the costs continue to grow at such a rapid pace, estimates show in 2027 I’ll have to shell-out $40k for tuition at a public college for each of them. This is a scary thought. How is it possible to save for everything; a new home, car, college, weddings, etc.?
If you’ve considered using your retirement assets to pay for your children’s college, you may want to think twice after reading the article “7 Insider Tips to Paying for College” written by Kent Smetters. How would you rebuild your retirement savings? When determining financial aid, retirement assets are not included in the calculation so why dip into them? There may be a better way in your personal situation to save for and pay for your children’s college expenses, such as a 529 plan. To read more, visit http://bit.ly/l75K1x. To view the full white paper, visit http://bit.ly/j7OxoI.
- Jennifer Novello, Senior Distribution Coordinator