Most of our questions we are getting have a common theme. When should I start saving, and how much should I be saving for…….?
For education that becomes a personal decision on how much a parent wants to pay for a child's higher education. A lot of parents want to pay all, some half and some none at all. But you should start saving immediately!!!!!!! Below are examples of the cost for a 4 year education.
• A high school senior starting next year (2014) planning on attending a Crimson and Cream colored school, should expect to spend a little over $100,000 for 4 years. That is in state and housing.
• High school freshmen, wanting to go to UCLA in 5 years is going to pay close to $300,000 for a 4 year education. That is an out of state tuition for 4 years along with room and board.
• A family having a child today and wanting him or her to go to a school with a Bulldog as a mascot here in Indiana is estimated to pay close to $600,000 in 18 years.
All of this is based on today's tuition with room and board costs at 6% inflation.
Indiana has a great 529 savings plan. These plans are designed to use for secondary education and if one child doesn't use the whole amount the beneficiary can be changed to a sibling. If someone is to open and contribute to a 529 plan, they receive a 20% tax credit up to $5000 contributed. That equates to $1000 credit off of one's Indiana income tax. It is a credit, and not a deduction.
A winter storm warning is in effect for most of Central Indiana.
An Illinois man was killed late Thursday when the car he was driving was struck by a semi tractor on I-70 about three miles west of the Cambridge City exit.
It's very rare that a single person can reach across national, racial, and spiritual borders to bring such hope and healing.