Education Planning – We’ve Got Your Back!
Education planning is not easy. The number of investment options, financial aid, and complexity can be daunting and families are faced with ever-rising college costs. The simple answer has always been to start saving early and leverage 529 plans. Although that’s not a bad strategy, most people have not started early and are faced with serious financial decisions once the college years start approaching.
If you’ve fallen short on your planning and your 529 balances are falling short, we can still help you with an education plan to help with spiraling college costs.
Education planning areas we can help you with include:
- Understanding the true cost of college
- Answering the financial aid questions for FASFA
- Expected Family Contribution (EFC)
- How your current investments help or hurt your EFC
- Understanding other sources of college money
- Impact of borrowing for college
- Understanding the education tax credits
- Work/study options
Spending Down Your Education Assets
Asset accumulation is very important in saving for college. But equally important, and often overlooked, is the most effective spend-down strategy. It makes a difference on what assets you spend first and which tax credits to take first that are most effective. We can help you with the spend-down strategy to make most effective use of your educational assets.
Thinking of Using Your Retirement Funds?
Many parents think that they can avoid the college education funding crisis by borrowing against their retirement assets such as a 401(k). However, such a strategy may be a very bad idea for several reasons. First, you may be forced to pay off that loan within a short period of time if you leave the company, even if it’s an involuntary layoff situation. Second, you may be seriously impairing your own retirement situation by the loss of growth in the account and potentially a lesser contribution if you now need to pay the loan.
Don’t get blindsided by taking what appears to be the easy way out! We can crunch the numbers for you and show you the scenarios and financial repercussions of using your retirement assets to pay for college.
It’s All About Your Student
If you are like most parents, you want the best education for your child that you can afford. Selecting a college that meets the educational requirements for your child’s career desires is of utmost importance. In many cases, a more expensive school can be affordable when you look at all the aspects of the college funding options including the school’s gifting, other sources of college money, and lastly your own assets.
We can help you navigate the myriad of options and complexity when it comes to selecting the best college that you can afford with a solid education plan. Check out some of these valuable resources and then give us a call!
- YOUniversity – A LinkedIn site that allows families to explore the range of careers that LinkedIn members have pursued based on what they studied in college
- Niche – Lists of colleges that are broken up into categories such as academics, campus, athletics, and food
- College Scorecard – Examine the U.S. Dept of Education database to research schools based on academic programs, locations, alumni salaries, etc.
- College Board – Research the need-based grants and the average merit scholarship that a school offers
About Kastler Financial Planning
Our core purpose is to improve the financial life for each and every client we serve. We believe that people of all income levels should have access to affordable and professional financial planning and investment management services, without the pressure or bias of product sales and commissions. Always acting as a fiduciary, the only fee we receive is the fee paid by the client. We put your best interest before our own. No product sales, no commissions, and no account minimums.
We specialize in family planning, families with Special Needs Planning, Retirement Planning, Retirement Tax Planning, and Small Business Retirement Plan Consulting. Our services are analytical and will be appreciated by the engineering and technical-minded individuals. We also use “bubble up” reports for the not-so-technically minded.
Our services can be performed either as hourly, a one-time fee-only project, or as On-Going Financial Planning, depending on your needs. Compare our fee-only services. Our suite of services also include Investment Management Services with the options of % AUM or flat-fee portfolio management.
We aim for a pleasant client experience whether you are in our office or remote across the country through computer screen sharing technology. Visit our Client Portal to learn how to get started with a complimentary ‘Get Acquainted’ meeting.
If you have any question on how our services may apply to you, please contact me at the number below or submit an email through our Contact Us form.
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Kastler Financial Planning | Ortonville, MI 48462