Building Blocks of Financial Planning: Saving and Your Retirement Plan (Part II)
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The document discusses options for retirement savings and college savings. It notes that stopping retirement contributions for one or two years could provide $17,000-$34,000 but is risky as one must be disciplined to restart contributions. It also states that student loans can be used for college but not retirement, so saving for retirement should take priority. The document cautions that 529 plans and custodial accounts have pros and cons for college savings.
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Building Blocks of Financial Planning: Saving and Your Retirement Plan (Part II)
- 1. Mullooly Asset Management Podcast January 23, 2013 Mullooly Asset Management January 2013
- 2. Just Supposeβ¦ ο You are maxing out your contributions at work ο Want to borrow from your retirement to pay down debt Mullooly Asset Management January 2013
- 3. You Couldβ¦ ο Stop contributing to your account - One year = $17,000 - Two years = $34,000 Mullooly Asset Management January 2013
- 4. Not Contributing ο Risky and DEFINTELY NOT conventional financial planning advice ο Need to be disciplined to re-start contributions! Mullooly Asset Management January 2013
- 5. Saving For College vs. Saving For Retirement ο REMEMBER: You can always borrow money for college ο You CANNOT borrow money for retirement! Mullooly Asset Management January 2013
- 6. Pre-Paid Tuition is Sketchy ο 529 Plans and Custodial accounts are good ways to sock money away ο Keep in mind: 529 Plans and Custodial accounts both have pros/cons you need to know! Mullooly Asset Management January 2013
- 7. None of the securities mentioned in this (or any) podcast or video represent past specific recommendations of Mullooly Asset Management. This video is NOT a recommendation to buy or sell any of the securities mentioned here. If youβre relying on a podcast for investment advice, you are likely making a huge mistake. We strongly urge our listeners to consult with their investment advisor before they make a decision to buy or sell any investment. Mullooly Asset Management January 2013
- 8. Mullooly Asset Management, LLC support (at) mullooly (dot) net 732-223-9000 www.mullooly.net Mullooly Asset Management January 2013