My current plan is to retire in about 8 years when my two DD's will be in high school. At least for planning purposes, we want to fully pay for their college educations without having to worry about limiting college choices based on costs. I realize this means we have to plan to fund 8 years at a top tier private university, targeting years 2028 to 2034.
For disclosure, DW and I both went to a top tier private university. But we both had blue collar parents, so we both received quite a bit of aid. We want to offer our children the same opportunities we had, however with our high incomes, we don't expect they will receive any aid.
So the question, how much will I need to save? Where can I find an updated college costs forecast? In all my Google searches, I can only find forecasts that are 4 years or older and they all seem to be written by a doomsday planner.
Right now I'm thinking $90,000 per year. That's $720,000!! Maybe about $200,000 in 529's and the rest in after-tax accounts.
For disclosure, DW and I both went to a top tier private university. But we both had blue collar parents, so we both received quite a bit of aid. We want to offer our children the same opportunities we had, however with our high incomes, we don't expect they will receive any aid.
So the question, how much will I need to save? Where can I find an updated college costs forecast? In all my Google searches, I can only find forecasts that are 4 years or older and they all seem to be written by a doomsday planner.
Right now I'm thinking $90,000 per year. That's $720,000!! Maybe about $200,000 in 529's and the rest in after-tax accounts.