Should you have a college fund for kids?

Having a college fund for kids is generally a surefire way to help transition your children to a successful adulthood. And college, as we all know, isn’t cheap. According to a U.S. News annual survey, the average tuition for the 2022-2023 school year ranged from $39,723 (for private colleges) to $10,423 (for public, in-state colleges).

Can a child invest money in a college account?

Your child will legally be able to use the money in the account – for college or anything else – when they turn 18. There's no limit on what you can invest, and of course, the money doesn't have to go toward college.

Should my child invest in a 529 plan?

In general terms, an 529 investment strategy by age involves more aggressive fund allocation when your child is younger, and shifts to a more conservative approach as they get closer to college age. Parents should review their 529 plan investment options periodically to make sure they are still on track to meet their goals.