College Retirement Fund
We have all had questions on College Retirement Fund before. Below are the top questions posed by visitors just like you to our. We hope our answers located below will help you solve your funding problems today. Feel free to ask another question, or even comment on what has been written.
There has been a lot of debate recently regarding College Retirement Fund, and it is therefore critical for you, the reader, to grab all of the information that is out there on the vast topic of funding. Your funding can have a huge impact on your future, so don’t procrastinate any longer. Read up on College Retirement Fund today!
Frank Said:
When saving for the future, is it better to save for my son's college fund our our retirement?We Answered:
I agree-retirement is more important. The earlier you save for retirement, the better the compunding, so you can actually save a lesser amount, earlier, and are better off than waiting until 10 years before retirement, even if you save a lot then. There are many retirement calculators that you can play with and see how much you should save and what it will grow to at retirement. Early retirement contibutions are key! You're better off saving early on for 15 years than the last 25 years before retirement.Many times, whatever grants or college help that may be available are impacted by money saved for college. 529 plans are good because the parent stays the owner not the minor but the money can be used for the beneficiary/minor/student.There's tons of information on the internet for all of those topics-try to some research searching for "retirement calculator" college grants, loans and 529 plans.
Juan Said:
Use a Roth IRA as a college savings fund?We Answered:
Sounds reasonable... I believe only " the contributions" can be withdrawn ( not the gains) but you should have quite a bit in there in 15 years...Of course if she goes to William & Mary, you'll be broke after the first year !!
Tommy Said:
I have a college/retirement fund I don't need right now; how to save safely?We Answered:
Since you don't want/need this money for 10-15 years, I have one question: Will you have any earned income? If so, start parking the maximum allowable amount into a Roth IRA each year so that your money can grow tax free. The rest you can put into a good stock index fund (or three depending on the amount of capital you have). The reason that I say an index fund is because the stock market is cyclical and has never had a ten year period with a negative return. The average 10 year return is over 10% per year but that includes riding out the bad years with the good ones.Rebecca Said:
what's a good way to get a retirement fund or IRA started working pt and in college and I'm 41 yrs old?We Answered:
See if you can convert your MMA into a Roth IRA for starters. You can contribute up to $5K per year. Speak to a financial advisor -- get some recommendations from friends or family that you respect in financial issues. That advisor will be able to recommend a plan of action and probably be able to manage it at the same time.If you have quite a bit of money in the MMA and you max out the Roth for this year then put the excess into something else that will make you money. You may even want to buy a house as an investment to rent out. That will give you a good tax break and also provide an appreciating asset. Right now is a very good time to buy.
Lisa Said:
Financial Advise for a College Student..Retirement Insurance Stocks Money Market Fund and more?We Answered:
okay well i would not buy life insurance with it being you don't have any dependents. I would not do a stock you are 20 and you want to look for long term. So, I would open a Roth IRA and put money into a low expense fee no load mutual fund or an index fund for the long term. You want to be aggressive being you are younger. I suggest you read up on certain finance criteria and then open an account at scottrade no annual fees and only $7 to trade stocks. If you want the money for short term then I would suggest a money market fund. But in your situation with compouding interest your better off going for the Roth IRA good luckLarry Said:
I am going to college. I have retirement funds. Can I get food stamps in indiana? without taking it out?We Answered:
It can't hurt to apply.From what I've found pretty quickly on the internet, they consider your liquid assets when deciding if you qualify. I do not believe that retirement funds count as liquid assets, though I could be wrong on this.
I'd say submit the application and see what happens.