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When it comes to saving and investing for college, many families don't know where to start and when they do, they can be quickly overwhelmed with conflicting or misguiding information. At Hoffmann Hermanson, we will create a plan that aligns your current resources with your future savings goals using effective, tax-efficient strategies.
How much does college cost?
According to a 2011 survey by the College Board, tuition and fees at four-year public universities are up 7.1% from a year ago, with the average bill at $5,491. A year at a private nonprofit school costs an average of $21,235, up 5.9%. Add in room and board, and a year at a public university will set a student back an average of $12,127, while a private school's bill comes in at an average of $29,026.
With costs growing at twice the rate of inflation, education remains one of the few parts of the U.S. economy where hefty price increases are the rule. It is crucial to begin saving and investing now. If you wait just 5 years, you must double your annual savings to meet the same target.
How much should I be saving and investing?
This answer to this question depends upon your available resources, the age of your child or children and the amount of future assistance you would like to provide. We will guide you through the process of determining the right amount to save and the mix of investments most appropriate to your personal situation.
We have experience and expertise with the following types of plans:
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