I thought I would start a new topic on this one.
A study came out that 1/3 of retiring Canadians went back to work because they underestimated the cost of retirement.
Bostonian mentioned his 529 plans and in my own calculations of future financial planning, I estimated (for my grade 4 child) 600K if she takes advantage of her legacy at Harvard and 50-75K if she goes to the U of Toronto (currently a top 20 school in the world). As a parent, this is part of my planning.
The other topic was about free tuition, which was viable in the 60s. City University of NY was free, wasn't the State CA universities have something similar? When the US was at the peak of economic global power and growth provided money. But my father and most of the fathers I know also had defined benefit plans and retired without worry. All of that has changed.
My financial planning takes into account college cost savings just as I plan for retirement. How many people really do that, or when college comes around figure out the loans and then deal with it?
And when I say saving, that is part of the budget, so any ideas about housing expenses, vacations, eating out have to take part of an overall budget so I can pay for those college costs. I have a really smart and talented kid that can go to college and be anything she wants, so part of my responsibility as a parent is to plan for that. Just if she was really disabled and I had to plan for her care after I was gone.
How many plan early on?
