As we all know, college is expensive. As a physician, you may still be paying off your own educational debt while simultaneously trying to figure out how to save for your child’s future college education. At an average annual increase of 5-9% each year, it may seem as though it will require a small fortune to put your child through school. Federal loans, grants and scholarships account can help some, but the great majority of the financial burden typically falls on families.
These costs may come at a difficult time, when parents are anxiously saving for their own retirement, or assisting their aging parents. With sound financial planning, we can help parents make wise decisions to positively impact both college for their children and retirement for themselves. The key is developing the right strategy early and sticking with it.