• Question
  • Want to ensure that my pension and 401 k will suffice in my retirement. I also want to start a

    Asked by a 51 year old man from Los Angeles, CA on 1/9/2013

    Want to ensure that my pension and 401 k will suffice in my retirement. I also want to start a college fund for my daughter, who is a freshman in high school now.

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  • Categories: Financial Advisors, Retirement Planning, Retirement Assets and Savings, 401k

Answers

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  • The more important thing than starting a college fund for your daughter is making sure that you have all of your income and assets positioned properly by her junior year in highschool. That is the year that FAFSA will look at to see if she qualifies for NEED or MERIT financial aid. This process alone could save you thousands of more dollars than you could probably save in that short period of time.
    Once that is done you then can take those savings and point those towards retirement. College is THE biggest speed bump to a sufficient amount of retirement.
    Since your daughter is a freshman, NOW is the time for you to begin this planning.

    I am a member of the National Association of College Funding Advisors as well as the College Planning Network.

    Please let me know if you would like information on how to do this!

  • Login to rate this answer:   Answered on 1/11/2013
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**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.