Document text
3 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Residents, pets unhurt following Talent house fire ... Emergency services, Sept. 9 ... Climb to the upper world of Mount Bailey ... Residents, pets unhurt following Talent house fire ... Emergency services, Sept. 9 ... Climb to the upper world of Mount Bailey ... Parents are saving for college at record levels — and they're still coming up short On average, families have increased their savings from $1,500 a year in 2007 to $3,000 in 2016, but nearly half admit they still feel off-course to reach their target amount. Parents with kids in 10th grade or higher also admitted they wish they had saved more early on to give their investment time to grow. Comment By Emmie Martin Business Insider MailTribune.com By Emmie Martin Business Insider Posted Sep. 8, 2016 at 1:21 PM By Emmie Martin Business Insider Posted Sep. 8, 2016 at 1:21 PM » Social News College tuition continues to rise, putting increasing pressure on parents hoping to give their children a hand in paying for school. And more parents than ever are stepping up. According to Fidelity's recently released 10-Year College Progress Report , 72% of parents reported saving for college this year —a record high — compared to 58% in 2007. The number of parents taking advantage of a dedicated college-savings plan, such as a 529 plan, is also on the rise, up 62% since 2007. However, it's still not enough. "While families have adopted more active and effective savings habits over the past decade, this year's study still finds that on average, parents are on track to reach just 29% of their college funding goal by the time their child heads to campus," Keith Bernhardt, vice president of college planning at Fidelity, noted in the study. Fidelity found that on average parents aim to cover 70% of their kids' college costs, a spike from the 57% reported in 2012. But while noble, these bigger goals mean parents need to ramp up their savings efforts significantly — often easier said than done. On average, families have increased their savings from $1,500 a year in 2007 to $3,000 in 2016, but nearly half admit they still feel off-course to reach their target amount. Parents with kids in 10th grade or higher also admitted they wish they had saved more early on to give their investment time to grow. They're on to something. Putting away just $50 a month from the time a child is an infant until they're 18 adds up to a lump sum of $10,800. And investing that money into an account with a 6% rate of return nearly doubles it, leaving parents with around $19,000 after 18 years. Overall, parents are making substantial progress when it comes to saving for college. But if they want to hit that 70% goal by the time their child packs up for freshman year, they need to double down on their efforts. By Emmie Martin Business Insider MailTribune.com By Emmie Martin Business Insider Posted Sep. 8, 2016 at 1:21 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! ERROR: Object template cce_3 is missing! Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2016 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501