Saving for your child’s college education can be daunting, planning ahead is wise

FOX 43 News

McGee Franklin Financial Group is a paid sponsor of FOX 43 AM Live and is responsible for this content.

TOPEKA, Kan. (KTMJ) — Saving for your child’s college education may seem daunting, especially when data from suggests in 2034 you can expect to pay more than $34,000 per year for a public university.

This estimate includes in-state tuition, fees, books, room and board, etc. That estimate jumps to nearly $80,000 per year for a private college.

Chris McGee, with McGee Franklin Financial Group of Wells Fargo Advisors, said your first step is to make sure you’re in good shape with your own retirement savings.

Then, focus on saving for education.

McGee said for many people, a good first step in saving for education costs is to open a 529 Savings Plan — an investment account that allows the account owner to control the assets at all times.

The beneficiary can be changed, which is especially helpful if you have more than one child.

If one child doesn’t use the money for education purposes, the other child can be named beneficiary.

Reach out to McGee Franklin Financial Group to learn more and discover how their team can help you plan for your financial future.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.