Without action, knowledge is relatively useless. So let's talk about taking action when it gets saving for your kids in a 529. How do you choose the right plan? From there, it is up to you to automate the savings and you are on your way. In wrapping up our “Saving for My Kids” series, I want to explore what makes a good 529 savings plan.
Read MoreWe've discussed the advantages of various types of accounts we can use to save for our kids, and organizing our savings to maximize financial aid. Today we dive deeper into saving for higher education through 529 plans and get into exactly how much one might need to save for their kids.
Read MoreBefore saving for your children’s future expenses other priorities should come first. Having an emergency fund (perhaps 6 months of living expenses) and saving for your own retirement (10-20% of income, depending on age, existing savings, and income) are rudimentary. Taking care of your future self financially is a part of taking care of your children.
Read MoreIn the last article we discussed tax planning around providing care for your kids. The next question that often arises is how do I start saving for my children’s future? Education costs continue to significantly outpace inflation and the price of college seems to have doubled since I attended just over a decade ago. But college isn’t the only expense our kids will be facing.
Read MoreEducation costs continue to significantly outpace inflation and the price of college seems to have doubled since I attended just over a decade ago. But college isn’t the only expense our kids will be facing. They’ll get married, they’ll buy homes, and they’ll need a first car. How do we plan for these things now so we can employ tax savings and maximize our money’s buying power?
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