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Health & Fitness

College Savings and Cost of Waiting

Having a comprehensive college savings plan is increasingly important.

$92,584: Opportunity cost of waiting 10 years before starting a college savings account

In a world where college tuitions are rising every year, having a comprehensive college savings plan is increasingly important. Start your monthly contributions early to see optimal results. Adding $350 per month to a college savings account starting when your child is 10 years old can yield $42,990 by the time the child is 18. However, contributing the same amount starting when the child is born could yield $135,574; a difference of $92,584.

Source: BlackRock
This hypothetical illustration assumes 6% annual returns compounded monthly and is not indicative of any specific investment.

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http://www2.blackrock.com/

Prepared by New England Financial

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Delivered courtesy Joel W. Grams, CRPC®, CLTC

Registered Representative, Financial Planner, 212 Capital Group

38 Main Street Suite 360, Westlake Ohio 44145

(440) 835-4501 Ext 17, jgrams@212capitalgroup.com

 

L0912278971[exp0613][OH]

 

The foregoing discussion is general in nature and not intended as specific advice. New England Financial nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.

 

For information on New England Financial insurance or other financial products and services, please contact

 Joel W. Grams, CRPC®, CLTC Registered Representative, Financial Planner with /New England  Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com, www.212capitalgroup.com.

New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies.

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