Resource of the Month: College Savings

Robin_Weingast_Saving_For_CollegeBelieve it or not, it’s back-to-school time, which is the perfect opportunity to think about your child’s long-term educational needs. As we explored in a recent post, money anxiety is becoming more prevalent and people are saving less for long-term needs. Rising college costs are a reality and a plan can help make sure you’re prepared and worry-free.

Our August Resource of the Month covers ways to save for college. It discusses traditional methods as well as tax-advantaged strategies and explores how each way impacts eligibility for financial aid.

Download it today and take a step towards preparing for your child’s future.

As always, the Robin Weingast & Associates team is here for you. Contact us today to see how we can help with your planning needs.

 

What Robin’s Reading: August 2015

Robin Weingast Reading RecsWelcome to a new installment of “What Robin’s Reading,” our bimonthly feature that highlights what the Robin Weingast team is reading to stay current and up-to-date on the issues that will most impact our clients and their benefits planning.

The entire Robin Weingast team believes that a key part of our responsibility is to understand what our clients value, what’s on their minds, and what they need to have peace of mind about their benefits and retirement planning. That’s why this month, some recently released studies have captured our attention.

The first is a study from the American Psychological Association that found that money is the leading cause of stress for Americans. This is probably not a surprise to most of us, since as the study indicates, most of us are stressed out about finances! What was surprising to us is that money anxiety crosses all socioeconomic lines. In fact, a recent survey of individuals “with a net worth of $1 million or more by UBS found that while millionaires derive significant satisfaction from the wealth they amassed, they also feel “ever-present fear of losing it all.” This fear and money anxiety take a toll on personal happiness and relationships, and sometimes trick us into making the wrong decisions about planning for our future.

Another recently released study indicates that Americans are saving more,  “but the percentage of household savings that went into employer-sponsored retirements plans like 401(k)s fell 7 percentage points to 22 percent in 2014, and households participating in employer-sponsored plans declined to 56 percent last year from 60 percent in 2013.” What’s the reason for the decline? A focus on short-term, unexpected cash needs rather than long-term planning. In fact, there was an 8% increase in households reporting that their savings were being put aside specifically to deal with immediate emergencies that may arise.

We’ve spent time on our Need to Know blog discussing the dangers of not being prepared for retirement (Link 4), and our 30+ years of experience have shown us that a well-structured, attractive retirement plan is a win for everyone — you’ll attract the best staff and they’ll be more prepared for retirement. We also know that knowledge and support are the keys to alleviating anxiety, preparing properly, and achieving peace of mind.

This month’s readings have shown us that now, more than ever, the Robin S. Weingast team’s ability to provide Retirement Peace of Mind is vital. Don’t let anxiety about your future affect your present. Our team is here to help you take a deep breath, plan, and free you up to enjoy the results of your hard work. Whether you want to ensure that you’re on track to meet your future goals, or you want to make sure your retirement plan is structured to ensure that you and your staff are properly prepared for retirement, we can help. Contact us today to learn more.