College is expensive, and I think we’re all wondering if we’re saving enough and what’s the “right” amount to save? We are influenced by what our parents did, what we feel we can afford, and a slew of other factors. Ultimately, we need to make a decision, have a plan, and start saving. We break down the actual costs of higher education and our individual perspectives on what is enough and how much we’ve each saved for our kids. And we remind you all that you have more flexibility than you think, especially with the recent SECURE 2.0 Act.
Andrew joins this week’s podcast as we talk about:
– The reality of college costs
– The tax benefits of leveraging your state’s 529 plans
– What you can and cannot spend 529 funds on
– Explaining the SECURE 2.0 Act
– Weighing savings for college with your own retirement
– How much we each have in our kids’ 529 plans
– Weighing the pros and cons of overfunding vs underfunding college savings
Show References:
- Inside Out Money episode #076 – Investing Terms You Should Know – ETFs vs. mutual funds, target date funds, expense ratios, dividends, market vs. limit orders, and more!
- Inside Out Money episode #145 – Generational Wealth: Give While You Live or Leave a Lump Sum?
- Inside Out Money episode #151 – Listener Q&A with Andrew – Surviving Market Downturns, Pensions, Tax Savings, Timing the Market, Dollar Cost Averaging, Net Worth Calculations, 401k Rollovers, and more!
- College Board – Trends in College Pricing
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