What's On Our Mind

Saving for college and retirement at the same time?

We know that you likely did not see the College Planning[i] article in Financial Advisor Magazine earlier this year.  After all, reading through journals like that is our job. 😊

 That said, it’s important to note that it shared 3 important ways in which saving for both college and retirement got a bit easier this year:

1.       529 plan balances can now be rolled into Roth IRAs for the beneficiary.

2.       A parent’s retirement plan contribution will no longer be considered income on financial aid forms.

3.       Employers with 401(k), 403(b), and SIMPLE IRA plans can now offer matching contributions on an employee’s student loan payments.

As you might expect, there are nuances to each of these new regs.  Also, item #3 may not be available at every employer just yet.  That said, these still represent movements in the right direction in an effort mitigate the pressure to save for retirement.

If you have any questions about these, or any other financial items, please reach out to us.  If we can be a resource for you, or for anyone else that you respect and admire, we are here for you.

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 355 LEXINGTON AVE, 9TH FLOOR, NEW YORK NY, 10017, 212-2611850. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Wealth Advisory Group LLC is not an affiliate or subsidiary of PAS or Guardian. Wealth Advisory Group LLC is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. CA Insurance License Number - 0E85883.

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 [1] Source: Financial Advisor Magazine (March 2024) – “Funding College and Retirement Together Just Got Easier”