My oldest baby boy turned 8 this week. So hard for me to believe! Double it and I have a teenage driver closing in on a college decision.
Speaking of college decision, we have an Indiana CollegeChoice 529 plan in place for him. He is reaching an age where an automatic adjustment is happening within the account. We have benefited from the Indiana state income tax credit currently available for the last 8 years – 20% of the contributions (up to $5,000 annually) made by the taxpayer. As we round out this birthday, we are reviewing if we are on track for the college savings goal we set.
As I look at college savings for our family, I thought I would share observations I have made planning for college for our family and helping others do the same:
1.) Make sure you know that you are in a financial place to...