If making the investment decision feels overwhelming, someone might not be included to make the savings decision. Part of the problem people now have is there are many more choices that they have to make. Before, it was a defined benefit plan, and you were done.

It wasn't all that easy to start with and now it's certainly more complex. You have to pay for that tax reduction.

It may not be as hard as it initially appears.

It's a good tool that a lot of grandparents aren't aware of in estate planning.

You're going to pay taxes on the (withdrawn) earnings that you've accumulated. The government's also going to tack on a 10% withdrawal penalty.

So now is the time to figure out if your estate tax bills can be reduced by shifting some money into your grandchild's college savings plan.

Every additional percentage you save means you are learning to live on 1 percent less. You get a double benefit from it. You'll have more money to spend when you retire and you'll need less because you've learned to live a more modest lifestyle.