How much should I save for college?

Most of our clients are saving for college at some point during their time with SH&J. Some are saving for their children and others for their grandkids. As Harold highlights in the video, the number one rule when saving for college is:

Save for retirement first.

That said, when you are looking at how much you should save, consider the following factors:

  • Private or public college
  • In-state or out-of-state tuition

Working with a financial planner can help you look at these factors along with your retirement and other financial goals to decide on the best path for your college savings goals.

At SH&J, we usually start with 529 plans for college savings. 529 plans:

  • Receive federal & state tax breaks
  • Are low maintenance
  • Allow you to maintain control of the funds
  • Grow tax free as long as the money is used for college education

Take a look at our College Planning page for more information about 529 plans and other college saving questions.

If you are looking at saving for college soon, we’d love to meet with you to hear more about your goals. Give us a ring at 303.639.5100 and let’s set up a time.

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