Some 20% of parents say they haven’t started saving for their children’s college education, but want to. Here’s how to begin.
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A new NerdWallet survey found that 1 in 5 parents of children under 18 haven’t started saving for their children’s college education, but want to. Here’s how to begin. Another savings option is a Roth IRA, which is traditionally used as a retirement account, with earnings that grow tax-free. Contributions to a Roth IRA are limited to $6,000 a year — $7,000 if age 50 or older — for the 2022 tax year. There are also income restrictions, and contributions can’t exceed earned income. So, unless your child earns money, you’ll likely have to use your own Roth IRA to save for your kid’s college.
Start putting something away consistently, no matter how much The average tuition cost at a public four-year in-state university is $10,740, in 2021-22, according to the College Board. If your child is young, this will likely be much higher when they’re ready for college. Costs will be higher still if they don’t live at home and need to pay for room and board.
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