There haven’t been any college graduation ceremonies lately, but they’ll be back. And if you have young children, you may want to help them save for that day. Can you do so and still put away money for your retirement?
It is possible. Of course, you’ll have to budget your resources, and you may have to make some tradeoffs, such as retiring later or contributing less to your child’s education. However, in terms of logistics, you can make saving and investing easier.
For starters, you may already have money taken from your paycheck and placed in your 401(k). And you can direct your bank to move money each month into your IRA.
To save for college, you might want to consider a tax-advantaged 529 plan. Again, you can have money moved to this investment automatically from your checking or savings account. You can even have your friends and relatives contribute to your plan.
A financial professional can help you plan and invest for more than one goal. So, get the help you need, and keep moving toward the key financial goals in your life.
If you have any questions, please contact me at 980-859-2549 or by e-mail at Brandon.Monette@edwardjones.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.