Saving for Your Children’s Education and Retirement

These may be two of your largest goals. The good news is that there’s a lot of assistance out there to help you reach them. In the meantime, use these benchmarks to help finalize your important list of goals.

The College Board reported that for the 2005-2006 school year, one year of a private college costs an average of $29,026—that’s including tuition, fees, and room and board. Multiply that times four and you’re talking close to $120,000 for a four-year school—assuming your child wants to live in a dorm. A public institution costs $12,127, including tuition, fees, and room and board. That’s $48,000 to live away from home for four years. By contrast, your child can go to a two-year public college for an average of $2,191, or a little over $4,000, for the full two years. The added costs of room and board likely won’t be necessary. (more…)