Plan for education costs — college tuition, private school, or professional development. See how much to save monthly and how your savings grow over time.
This is a simplified example of what's possible with Wealthos.
Your accounts, income, expenses, and goals update these numbers automatically.
Wealth in 10 years
100k
Total saved
67k
Earned interest
+28k
College costs have increased roughly 5-7% annually — far outpacing general inflation. Average annual costs range from $11,000 (public in-state) to $40,000+ (private). Over 4 years, that's $44,000 to $160,000+. Starting to save early and investing in a 529 plan can dramatically reduce the burden.
529 education savings plans offer tax-free growth and tax-free withdrawals for qualified education expenses. Many states also offer state income tax deductions for 529 contributions. You can use 529 funds for tuition, room and board, books, and even K-12 tuition (up to $10,000/year).
Don't sacrifice your retirement savings for your children's education. Students can get scholarships, financial aid, and loans — you can't borrow for retirement. A balanced approach: save what you can for education after meeting retirement contribution targets.
Set your education savings target (total tuition and expenses), enter your current savings and monthly contribution, and choose a return rate appropriate for your timeline. The calculator projects when you'll reach your target. For younger children with longer timelines, a higher return rate reflects the ability to invest more aggressively early on.
Saving for $100,000 in college costs with a newborn (18-year horizon): starting with $5,000, contributing $300/month at 7% return in a 529 plan, you'd accumulate approximately $131,000 by age 18. That's $69,800 in contributions and $61,200 in tax-free growth — the 529 tax advantage alone could save $12,000-$15,000 compared to a taxable account.
Account for education cost inflation (5-7% annually) when setting your target. Today's $100,000 degree may cost $180,000-$200,000 in 15 years.
Open a 529 plan as early as possible — even with small amounts. The tax-free compounding over 18 years is substantial, and many states offer additional state tax deductions.
If you're unsure about the exact cost, aim for in-state public university tuition as a baseline. Any excess can be used for graduate school, transferred to a sibling, or rolled into a Roth IRA.
Don't reduce retirement contributions to fund education savings. Your child can get scholarships and loans; you can't borrow for retirement.