Sending your children to college is a huge investment in their future. Whether you’re saving for the future or already paying tuition, you need a strategy that is compatible with your financial objectives, particularly retirement.
Some families shoulder the full cost of paying for college, but most rely on a combination of scholarships, grants, financial aid, part-time jobs and loans.
If you’ve already put money away for college, good for you! If you haven’t, it’s never too late to start.
There are a number of savings vehicles, with the most popular plans including 529 college savings plans, Coverdell Education Savings Accounts and custodial accounts (Uniform Gifts to Minors and Uniform Transfers to Minors).
