Retirement 529 Plan

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Retire On Track LLC.

Sometimes it's hard to know whether you should put your savings towards retirement or a 529 plan. You've learned all along the way that college is important, and you want your kids to get the best education that money can buy.  The tough part about that is that a great education is going to be expensive.

Based on all of the reports and evaluations, the expense of putting your son or daughter through college is rising every year. You're aware of this, and you've talked with your financial planner about the best way to save.

Your advisor has told you the merits of a 529 plan, a savings plan that is used solely to finance education. But you've also heard about the risks involved. There's a 10% penalty on everything you withdraw from your 529 plan that is not used for education. When you apply for additional financial aid, your 529 plan is taken into consideration and could make your child ineligible for some tuition grants.

In other words, putting all of your savings into a 529 plan could end up making your child's education even more expensive. And, though you want what's best for your kids, the more that you spend to finance their education, the less money that you will have saved for your own retirement.

And what about your retirement plan? If you're saving and investing well for your future, you may be able to withdraw from your retirement funds to help pay for your child's tuition expenses. Depending on when you make withdrawals from your retirement savings that will help you finance that college education , without affecting the money that you have when you retire.

But how do you know how much you can withdraw from your savings? How can you be sure that using money that you are saving for retirement won't put the future you've always dreamed of at risk?

One way is to look closely at the way your stocks, bonds and mutual funds have performed over time. Another is to understand how the rate of inflation will affect your financial costs. Still, another is to have a strong sense of interest rates. 

Your financial advisor may charge you for any research that is done. You may not have the time to do all of the research yourself, to study 20 or 50 years worth of investment data. And if you try to project how your savings and investments will perform, you may end up far off if you miscalculate interest and inflation rates.

So what do you do? You know that you need help. You know that you don't want to spend a fortune on advice. You also know that your time for planning is limited. 

That's why you should take advantage of an opportunity to use someone else's research. Ray Martin of CBS News encourages viewers of the Saturday Early Show to invest wisely. He also recommended to viewers that they take advantage of our free retirement calculator as a way to analyze their savings and investments.

Why? We've done the research for you. We've even established a way in which you can evaluate your investment strategy in comparison to others. 

We know that everyone invests in their own ways. That's why you can use our free retirement calculator to evaluate your investments, regardless of what your financial goals include. Take a good look at your retirement plan. See how investing in a 529 plan would affect you and your future.

Then take advantage of a free consultation with one of our financial advisors to ask the questions that you have. Get the answers you need and determine whether you would benefit more from a retirement or 529 plan, then map out your strategy.

All it takes to get started is a click of the blue button below to download the free and easy to use retirement calculator. A simple mouse click will get you on your way to determine the best way to invest in your, and your child's, future.