College Planning Strategies

December 11, 2019
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In our advisory practice, questions around planning for college are commonplace this time of year. The most common revolve around two primary areas: 1) how much needs to be saved, and 2) what are the right vehicles to use?

Our firm considers family educational planning as part of a comprehensive financial plan, so computing the projections is an important facet of the planning process. There are many different vehicles, each with their own set of pros and cons.

We understand that every household is unique, with a different set of competing priorities. It is our job to help families navigate what can seem like a complex financial challenge. Having a strategy is important because of the uncertainties that may lay ahead.

Examples include: Will my child go to college? Will my child get a scholarship? What if my child wants to start a business instead of going to college? How will this impact financial aid?

Planning for college expenses and retirement simultaneously can seem daunting, so our goal is to help eliminate the confusion and come up with a plan that is optimal for your family. What vehicle is right for you amongst:

  • 529 Accounts
  • Educational Savings Accounts (formerly known as Coverdell or Educational IRAs)
  • Custodial Accounts
  • Personal Investment Assets
  • Roth IRAs
  • Borrowing Strategies

We believe that solving these issues is best done with a firm that is 100% fiduciary and free from conflicts that come from commission-based products. We frequently find that families are recommended everything from annuities to loaded mutual funds for college planning so it is important to understand that these products are not compatible with advice from a fiduciary. We at Nautilus Advisors are free from these conflicts of interest. Utilize the expertise available to you at NTLS Wealth Management to determine the strategy or combination of strategies most appropriate for your needs.