With the rapidly increasing tuition costs each year, early planning for college is essential. Working with a financial planner to evaluate all options, develop a strategy and maximize tax benefits should help accomplish goals and objectives.
Typical client situation
David and Kathy are 42 and have three children. While they both love their jobs and their jobs pay well, they have started to notice as the kids get older, their expenses are increasing too. David and Kathy want to comfortably afford their children’s education and at the same time build their retirement savings. As work is stressful, they also want to continue taking regular holidays with the family.
How we can help
Ankerstar Wealth can work with David and Kathy and complete a budget to see how they were spending their money. We then can prepare some cash flow advice, firstly showing how they can build wealth without changing jobs, and secondly agreeing on a cash-flow plan going forward so they can be better prepared for any unexpected expenses, without substantially cutting back on their lifestyle.
Ankerstar Wealth planners can help clients financially prepare to send their children to a good college or university. Starting the college planning process as early as possible usually provides the best results. Planners can assist parents to establish a systematic savings plan and properly invest the funds according to the child’s age.
We review current funds and insurance to cut out any unnecessary costs. We make sure their retirement accounts are aligned with the retirement lifestyle they want for themselves and their family, and update their insurance coverage so that it continues to provide suitable risk management strategy for their family.
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