Agenda Cost of College Is the Cost of College really worth it? Ways to Fund College? How Should You be Saving? Put a Plan into Place.

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Presentation transcript:

Agenda Cost of College Is the Cost of College really worth it? Ways to Fund College? How Should You be Saving? Put a Plan into Place

The $380,000 Baby += $380,000

Steps to Funding College 1.Estimate Cost of College 2. Evaluate Funding Sources 3. Establish a College Fund

The Cost of College Today collegeboard.org *Collegeboard.org

2x General Inflation Between 6% & 9% Newborn: Cost of $60,0000 a year!! Future Cost of College Source:

Is It Really Worth It? Education Level:Before-Tax Earnings Professional Degree $ 100,000 Doctoral Degree $ 91,900 Master's Degree $ 67,300 Bachelor's Degree $ 55,700 Associate Degree $ 42,000 Some College, No Degree $ 39,700 High School Graduate $ 33,800 Not a High School Graduate $ 24,300 Source: Trends.collegeboard.org & Department of Labor

Average Size: $2,523 Only 5.5% of students receive scholarships Only 1% to 2% of athletes receive scholarships Scholarships Source:

Financial Aid Expected Family Contribution: Amount of college costs your family is expected to pay without financial aid. 5.6% of Parents assets 20% of a child's assets

1.Education Funding vs. Retirement? 2. What percent of college will you fund? 3. Are your children going to attend a private or public university? Saving For College

Put a plan into place and follow it Saving For College

Savings Account 529 Pre-Paid Tuition Plans 529 Savings Plans Traditional IRA Roth IRA UTMA/UGMA Source for Savings

Pro’s Safe Liquid No penalties Little if any risk Savings Account Cons  Taxed each year  Inflation

Pre-Paid Tuition Plans Pro’s No Inflation Worries Cons  Financial Health  Tuition Only  Out of State Schools

529: Savings Plans Cons  Inflation  Possible Penalty Pro’s Flexibility Tax Free

Traditional IRA’s Pro’s Retirement & Education Cons  Must Pay Taxes  Hurt Retirement

Roth IRA’s Pro’s Contributions taken out at any time Cons  Gains Taxable  Hurt Retirement

UTMA/UGMA Pro’s Small tax benefits Cons  Child gets control

What is your priority? Is Your Retirement on track? How sure are you these funds will be used for education? How to Choose?

Roth IRA Traditional IRA Retirement is #1

529 Savings Plan Pre-Paid Tuition Education is #1

The Power of a Plan Hire a professional One Cohesive Plan Retirement Life Insurance Investments Home and Auto

Questions? Jay Langfelder Bob Kearns