Financial expert outlines college savings strategies

-
2:10
Republicans pass schools budget, tax cuts; Dems say special ed...
-
1:49
Metcalfe Park Community Bridges promotes homeownership with Repair...
-
2:12
’Thank God for giving us him’: Milwaukee’s Beach Boys cover...
-
1:50
History of Gene Wilder’s Milwaukee roots
-
1:30
Milwaukee man pleads not guilty to charges in wrong-way crash...
-
1:01
Mayor Johnson signs zoning ordinance allowing Moxy Hotel to move...
-
2:54
Visit Milwaukee preview: June 13-15
-
1:32
60th annual Greek Fest returns to State Fair Park this weekend
-
3:21
Kettle Moraine board votes to close school one day after accidental...
-
3:05
Brewers begin homestand with Pride Night, tropical celebration...
-
5:39
CBS 58’s Theater Thursdays: ’The Life of Chuck’ and ’Echo...
-
3:53
Preview of summertime fun at the Milwaukee County Zoo
MILWAUKEE (CBS 58) -- With tuition costs continuing to rise, saving for college has become a pressing concern for many families.
Tony Drake from Drake & Associates joined us on Wednesday, Sept. 18 to discuss strategies to help parents prepare financially for their children's education.
He outlined options such as 529 plans, which offer tax-free growth when used for qualified educational expenses and can be contributed to by anyone. He also mentioned Roth IRAs and custodial accounts as alternative savings methods.
Drake cautioned parents to consider the long-term impact of student loans and to estimate monthly payments before borrowing, and for families to plan to begin saving as early as possible to pay for a college education.
Additional information can be found by contacting Drake & Associates online.