Title: Investing for College - What Savvy Parents Need To Know Article
Word Count: about 1250 words
Abstract:
Today’s parents face a triple financial whammy – saving for their child’s college education, saving for their own retirement and covering the costs of caring for aging parents. The good news is that they can make savvy investment decisions when their children are young to ensure their child can attend college while minimizing the effects of the triple whammy. This article covers the ins and outs of savvy college investing.
Excerpt:
Is college in your child’s future? Do you worry about how you’ll pay for it? You’re in good company! “Millions of parents today face a ‘triple financial whammy’,” says Gary Hoffman, certified College Planning Specialist and author of the forthcoming book, How to Finance Your Child’s College Education without Bankrupting Your Retirement. “First, parents must think about raising their children and funding their college education. That’s the first financial ‘whammy’. They must also plan for their own retirement – the second ‘whammy’. Finally, many of today’s mid-life parents are hit with the cost of care for their own aging parents’ medical or long-term care – the third ‘whammy’.”
The good news is that with basic knowledge of how the college financial aid system works you can make savvy investment decisions now to ensure that you can afford to send your children to college while minimizing the effects of the “triple whammy.”
The true cost of college
How much money will you need to cover your child’s future college education? You can start by estimating the future cost of attendance at any college (see Resources article supplement). While these estimates can be overwhelming, “Parents need to understand that the ‘sticker price’ and what your family will ultimately pay may be very different,” says Hoffman…
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