Available on Still River’s RetirementWorks desktop system, the news release said, the Education Funding Plus program offers:
- up to three existing education savings plans: one at the parents’ tax rate, one at the child’s tax rate, and one at a tax-free rate
- information about average overall costs, or tuition and fees only, for a variety of types of schools. The user also has the option of overriding this information with his or her own cost assumptions.
- several patterns of savings plans, including increasing savings over time, level monthly savings, and lump-sum amounts.
Further, college is not the only consideration. The system can also plan funding for elementary and/or secondary school, and post-graduate education; multiple children and multiple educational periods and offers a combined education and retirement savings analysis.
“In putting this calculator together, we kept in mind that the biggest obstacle to saving for education is often ‘sticker shock’ – numbers so overwhelming that many parents feel there is no point in even trying to save,” Chuck Yanikoski, president of Still River said in the news release. “By taking into account existing savings and other sources of funding, such as student employment, scholarships, loans, etc., by using an increasing savings pattern, and by combining education and retirement funding into one plan, the numbers can often be brought down to a level parents can manage.”
To try out the Education Funding Plus program, download the latest RetirementWorks free demo, along with the corresponding User’s Guide document, at www.StillRiverRetire.com/SRRPS_demos.asp .