Current District News

Subject: Upcoming Seminars -You May Want to Read This  
Upcoming Seminars - contact Shelley Mitchell e-mail smitchell@nyac.com or calling 888-696-6922, ext. 228,:
 

  • Saturday, May 13, 9:00 AM - 1:00 PM, Stony Brook UMC, Long Island

  • Saturday, June 3, 10:00 AM - 2:00 PM, Grace UMC, Southington, CT   

  • Saturday, June 17, 10:00 AM -2:00 PM, Hartsdale, St. Paul's UMC 

    • If you do not wish to receive news clips just hit reply and simply say "do not send" 
     
    I thought these news clips below would be of interest.  Some of you may remember that many of the planning strategies suggested where mentioned in our seminar. If you would like the complete copy, just hit reply and say send article. 
     
    IF YOUR MESSAGE REJECTS SEND YOUR REPLY TO MY HOME E-MAIL: edrupp50@aol.com 
     
    Here is the latest installment: 
     
    Balancing Kid's College and Retirement Savings from MSN/Money:
     
    If you don't have a pension and are not entitled to social security the article states:   " It's the double-whammy of parenthood. You need almost $700,000 saved up if you want to retire today  on a modest yearly income of $40,000. Meanwhile, the nation's most exclusive colleges cost more than $30,000 a year and you don't want to deprive your kids of the opportunity to attend.
     Little wonder then that the two most frequently asked questions of financial planners are: 

    Which goal is more important?

    How can I possibly save for both? 
     
    Somehow, parents of today with already grown children managed to accomplish this dual feat for the most part. You've probably compared yourself to them and thought, "How come I can't do it too?" It's hard enough to accomplish one goal, much less two.

    The real answers may make you feel better to know that you're not doing something fundamentally wrong that your parents did right. "
     
    The article continues to discuss the pros and cons of saving for college versus retirement and offers some very practical advice about how to deal with your child's realization that he or she may have to participate in paying for their college education.  If the child doesn't contribute and parents pay, giving up potential retirement savings, will the child be willing to pay for mom & dad's retirement when savings run out? 
     
    Remember save in your name not your child's since 35% of your child's savings will be applied against financial aid eligibility. Only 5.6% of a parents saving will be applied against aid eligibility.  Better yet save in a retirement account and nothing is applied against aid eligibility - potentially receive 100% free college education.  A Roth IRA is a viable savings alternative - receive the benefits of a 529 plan without committing that the funds must be utilized for college education, plus it doesn't count against you when applying for financial aid.  You have the best of both worlds - saving for retirement or college education and qualifying for financial aid. 
     
    We have discussed these very fundamental issues in our seminars.  You know my feelings - see what someone else has to say about saving for college and retirement. This is a must read for anyone who is facing this dilemma.
     
    The 2nd. article is entitled:
     
    Top 10 Things you should know about savings for college versus your retirement from CNN/Money:
     
    Saving for your own retirement is more important than saving for your child's college education;
    The sooner you start the better,  Stocks are better for college savings; You don't need to have the entire cost of college saved, 529 plans and mutual funds are a good place to start your savings, loans are readily available for college, not so for retirement.  These are just a few examples of what is important. 
     
    If you would like the complete article, just hit reply and say send article.
     
    Peace, 
    Ed Ruppmann   
    LIE District Stewardship Chair 
    212 559-7693 
    516-364-1151