Hosted by: Laura Hawley Special guest: Dana Hurley

Host
Laura Hawley – CFP®, President at Allen & Company

Co-Host
Dana Hurley – Financial Advisor at Allen & Company

In this episode, we discuss the burden of student loans and how to avoid getting caught up in the “Parent Trap.” We also take a deep dive into issues such as how much parents need to save as they plan towards paying for their children’s College and smarter strategies (like the 529 and Pre-Paid Tuition Plans) that they could adopt. Lastly, we talk about Post-College Support and how parents can help their adult children without harming their own retirement plans or their children’s independence.

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Please consult with your tax advisor before investing.

Investing in mutual funds involves risk, including possible loss of principal.

The opinions voiced in this show are for general information only and are not intended to provide specific advice or recommendations for any individual. There is no assurance that the techniques and strategies discussed are suitable for all individuals or will yield positive outcomes. To determine which strategies may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to making a decision.

In this episode we cover:

• Recap of last week’s discussion (1:31)
• Smarter strategies. (6:15)
• Is going to a full 4-year school the best option to getting a good College education? (10:40)
• How much we need to save and how to save for College: 529 Plans. (11:53)
• Pre-paid College Tuition plans (16:38)
• Pros and cons of other types of plans (23:40)
• Supporting adult children after college (28:19)

Links From the Show:

• 529 Plans
• Allen & Company
• College Board
• Coverdell Education Savings Accounts
• Education Saving Plans
• Florida Southern College
• Pre-paid Tuition Plans
• Roth IRA
• UGMA/UTMA Accounts

Connect with:

Laura Hawley – CFP®, President at Allen & Company
Allen & Company – Laura Hawley

Dana Hurley – Financial Advisor at Allen & Company
Allen & Company – Dana Hurley