Financial planning at 5 stages of life

Building a family
4 of 7
Building a family

Your beautiful children will surely be brilliant and want to pursue a higher education.

The costs of college continue to rise, however, and "it's quite difficult for anybody to save the total amount needed for college these days," Levine says. But the earlier you start saving for college, the better off you'll be.

Levine says he often sets up college savings accounts for clients with infants. He likes 529 plans, which can grow tax free and, as long as funds are used for college expenses, their withdrawal will not trigger taxes. A financial planner can help you navigate through 529 plan options.

"The key is to have a discussion and to get started saving because college costs are far and away exceeding inflation," Stroup says.




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