Stuart Ritter
Stuart Ritter
bills college estate figure money reduced savings shifting tax time
So now is the time to figure out if your estate tax bills can be reduced by shifting some money into your grandchild's college savings plan.
earnings pay taxes
You're going to pay taxes on the (withdrawn) earnings that you've accumulated. The government's also going to tack on a 10% withdrawal penalty.
additional benefit double learned learning less means modest money percentage retire save spend
Every additional percentage you save means you are learning to live on 1 percent less. You get a double benefit from it. You'll have more money to spend when you retire and you'll need less because you've learned to live a more modest lifestyle.
hard initially
It may not be as hard as it initially appears.
certainly easy pay start tax
It wasn't all that easy to start with and now it's certainly more complex. You have to pay for that tax reduction.
benefit choices decision defined feels included investment might people problem savings
If making the investment decision feels overwhelming, someone might not be included to make the savings decision. Part of the problem people now have is there are many more choices that they have to make. Before, it was a defined benefit plan, and you were done.