- T. Rowe Price (TROW, Financial) launches new age-based benchmarks to assist families in college savings planning.
- The report advises saving 1.1 times the annual "sticker price" of the chosen institution by age 10.
- Emphasizes 529 plans as effective savings vehicles with tax benefits.
BALTIMORE, May 28, 2025 /PRNewswire/ -- T. Rowe Price (TROW), a leading global investment management firm, has announced the release of innovative age-based benchmarks in its latest Insights report to aid families in planning for college savings. The report, authored by Roger Young, CFP®, provides a roadmap with specific savings milestones based on children's ages to help parents assess their progress in achieving their college savings goals.
According to the report, parents aiming to cover half of their child's college costs should aim to have saved approximately 1.1 times the annual "sticker price" of their intended college by the time their child reaches age 10. These benchmarks are designed to offer a clear strategy for families as they prepare for future education expenses and adjust their savings strategies when necessary.
The report also highlights the importance of 529 plans as highly effective savings tools due to their tax advantages and diverse investment options. These plans play a crucial role in helping families meet their educational savings objectives while offering flexibility to adapt to changing financial circumstances and goals.
Roger Young, a thought leadership director at T. Rowe Price, noted, "Saving for college is one of the biggest long-term goals for families. Our report provides savings benchmarks that make it easier for families to track their progress and adjust accordingly."
The report is available for download on the T. Rowe Price website. Additionally, Roger Young will feature in the upcoming Savingforcollege.com's 529 Day Webinar on May 29, 2025, at 1 pm ET, to address common questions about 529 plans and college savings strategies.
Founded in 1937, T. Rowe Price (TROW, Financial) is renowned for its expertise in retirement planning, managing assets totaling US$1.56 trillion as of April 30, 2025. The firm commits to providing clients worldwide with valuable investment insights and products.
