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Saving For Your Child's Future Education: Real Advice From Financial Professionals

7/13/2017

To say that the cost of a higher education in the United States has skyrocketed over the last few decades is something of an understatement. According to one study, the average yearly price tag associated with tuition, fees, room and board at a public undergraduate institution was $16,188. When you open the discussion up to a private institution, that number balloons to $41,970 per year. To put that into perspective, the average yearly tuition at public colleges in 1980 was just $2,100, while private colleges came in at around $9,500.

Yet according to another study, most parents are only on track to save about a third (or less) of the total amount they'll need to eventually pay for their children's education. While it's true that a lot of this is due to the uncertain economic times that we're living in, a large part of it is thanks to a misconception that parents can meet 100% of their goal so long as they start saving by the time their child enters high school.

There are a wide range of different savings options available to parents, but waiting to start until the last possible minute isn't one of them. A variety of different seasoned financial professionals have actionable, valuable advice for parents on this topic that they can start using today.

The 529 College Plan

When asked what parents can do to start saving for their children's college education, the results were overwhelming: they should be taking advantage of the unique benefits that the 529 college plan offers.

Janette Press of Cirrus Accounting, LLC said that "529 plans allow parents to set aside funds for education, tax-free, using a variety of investment strategies. The funds belong to the parents and any gains are tax-deferred." She went on to say that "once the funds are used for qualified education expenses, they are NEVER taxed. The money in these accounts can be used for both undergraduate and graduate studies at any accredited two or four year college or university in the country."

It's important to note that in this particular case, "qualified education expenses" would cover things like tuition, books, any necessary supplies, fees, room and board and more.

Brian Dela Cruz of Take Flight Business Solutions, LLC echoed this sentiment. He said that the number one piece of advice he gives to parents is overwhelmingly to "start a 529 plan. It creates a lot of tax savings" that he says parents aren't going to be able to match anywhere else.

Peter W. Flournoy, CPA, said that it is ultimately never too early to start saving for your child's college education. He did, however, have a few words of caution. "Start saving as early as possible, but DON'T be overly aggressive with your investment strategy." One of the points of saving for college is that it shouldn't be a financial burden on a family because it's a goal that takes such a long time to complete.

If you're able to start saving early, and if you work with an experienced financial professional, saving for your child's college education is less of a sprint and more of a marathon. It may take awhile to meet your goal, but when you break the process down into a series of much smaller milestones it becomes much easier than trying to do it all in just a few short years.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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