Many parents and grandparents set up college funds for their children or grandkids. Given the cost of higher education today, starting a college fund early could help ensure they can earn a degree without the burden of overwhelming student loan debt .

But given today’s sluggish entry-level job market , funding a college education might no longer be enough to help your kids or grandkids be financially stable in young adulthood. In addition to education, you might want to create a "launch fund" — money your heirs can use to supplement their post-college paychecks or reserve for a down payment on a home .

Here’s how a couple of experts suggest approaching your launch fund, and how to balance it with your own financial needs.

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor.…