Brooks Wealth Management

College Savings Calculator

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Children

Current age:years old

Savings

Current savings balance

Total across all accounts

Monthly contribution

Amount added each month

Assumptions

Expected investment return6%/yr

Historical S&P 500 avg: ~10% nominal, ~7% real

1%/yr12%/yr

Education inflation rate5%/yr

Historical college cost inflation: ~4 to 6%/yr

1%/yr10%/yr

Target College Type

Average annual cost (tuition + room & board)

Source: educationdata.org

Projected savings at 18

$100,134

In 10 years

Est. In-State Public cost

$176,872

4-year total, inflation-adjusted

Projected shortfall: $76,738

To fully fund this goal, you'd need approximately $968/month (vs. your current $500/month).

Savings vs. Projected Cost, Child 1

Projected Savings
Projected Cost

Results are hypothetical and for educational purposes only. They are based on user-entered assumptions and do not represent actual investment performance. This tool does not provide personalized investment, tax, or legal advice. Projections assume consistent contributions and returns; actual results will vary. Consult a qualified financial professional before making financial decisions.

Educational Overview

College Savings Vehicles

Each account type has different tax treatment, flexibility, and financial aid implications. This is a general overview, not personalized advice.

Contributions grow tax-free when used for qualified education expenses
Many states offer a state income tax deduction on contributions
Can be used for tuition, room & board, books, and K-12 expenses (up to $10k/yr)
Unused funds can be rolled to a Roth IRA (up to $35k lifetime, after 15 years)
Counts as a parental asset on FAFSA, lower financial aid impact than student assets

Benefits, contribution limits, and state tax deductions vary by state and are subject to change.

The information above is for general educational purposes only and does not constitute tax, legal, or investment advice. Consult a qualified financial adviser before making decisions about college savings strategies.

Brooks Wealth Management LLC (BWM) is a registered investment adviser offering advisory services in the State of California and in other jurisdictions where exempt. Registration does not imply a certain level of skill or training. The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site.

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