It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Sony clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For Sony employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For Sony employees who already put money away for college, the worksheet will take that amount into consideration. For Sony employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Sony employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Before finalizing any estate plan, it is worth examining how Sony's employer-sponsored benefits fit into the broader picture. According to publicly available information, Sony does not maintain a traditional defined benefit pension plan, making your 401(k) plan and personal savings the primary vehicles for retirement income. Sony does not appear to offer a formal retiree healthcare program, so healthcare coverage planning before Medicare eligibility at age 65 is an important consideration. We encourage you to review your Summary Plan Description (SPD) or speak with Sony's HR or benefits team for the most current details.