Parents are usually expected to devote only 5 percent or so of their assets toward college costs because they typically have far greater monthly expenses. If you decide that you would be better off simply opening an investment account in your own name, there are two relatively painless ways of saving for your child's education. One is to sign up for a program that automatically deducts a pre-set amount of money from your checking or savings account each month. The money is then transferred into an investment account that's run by full-time professionals. The other method is to tap your current savings, or take your next bonus check, to make a lump-sum contribution into a new account earmarked for your child's college expenses.
Most experts say no.
Your retirement savings shouldn't be neglected in the mad dash to fund your child's education. The fact is, there are many more resources available to help your child get through college than to help you make it in retirement. Sources of information about college savings plans are abundant. Once you've familiarized yourself with the issues at hand, you should also consider talking with a professional financial consultant. The information is not intended to be construed as investment advice nor is it an endorsement of any product, service, strategy, individual or organization.