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January 31st, 2020 by

Being named as the executor of a friend’s or family member’s estate is generally an honor. It means that person has been chosen to handle the financial affairs of the deceased individual and is trusted to help carry out his or her wishes.

Settling an estate, however, can be a difficult and time-consuming job that could take several months to more than a year to complete. Each state has specific laws detailing an executor’s responsibilities and timetables for the performance of certain duties.

If you are asked to serve as an executor, you may want to do some research regarding the legal requirements, the complexity of the particular estate, and the potential time commitment. You should also consider seeking the counsel of experienced legal and tax professionals.

Executor of the estate

Documents and Details

The executor of an estate (referred to as a personal representative in some states) is named in the deceased’s legal will. If there is no will, there technically can be no executor, but the probate court will appoint an administrator or personal representative to carry out the same duties. The person chosen will depend on state law.

A thoughtfully crafted estate plan with up-to-date documents tends to make the job easier for whomever fills this important position. If the deceased created a letter of instruction, it should include much of the information needed to close out an estate, such as a list of documents and their locations, contacts for legal and financial professionals, a list of bills and creditors, login information for important online sites, and final wishes for burial or cremation and funeral or memorial services.

An executor is responsible for communicating with financial institutions, beneficiaries, government agencies, employers, and service providers. You may be asked for a copy of the will or court-certified documentation that proves you are authorized to conduct business on behalf of the estate. Here are some of the specific duties that often fall on the executor.

Arrange for funeral and burial costs to be paid from the estate. 

Collect multiple copies of the death certificate from the funeral home or coroner. They may be needed to fulfill various official obligations, such as presenting the will to the court for probate, claiming life insurance proceeds, reporting the death to government agencies, and transferring ownership of financial accounts or property to the beneficiaries.

Notify agencies such as Social Security and the Veterans Administration as soon as possible. 

Federal benefits received after the date of death must be returned. However, because Social Security benefits are paid a month behind, a payment made in the month of death (for the previous month) would not have to be returned. You should also file a final income tax return with the IRS, as well as estate and gift tax returns (if applicable).

Protect assets while the estate is being closed out. 

This might involve tasks such as securing a vacant property; paying the mortgage, utility, and maintenance costs; changing the name of the insured on home and auto policies to the estate; and tracking investments.

Inventory, appraise and liquidate valuable property. 

You may need to sort through a lifetime’s worth of personal belongings and list a home for sale.

Pay any debts or taxes. 

Medical bills, credit-card debt, and taxes due should be paid out of the estate. The executor and/or heirs are not personally responsible for the debts of the deceased that exceed the value of the estate.

Distribute remaining assets according to the estate documents. 

Trust assets can typically be disbursed right away and without court approval. With a will, you typically must wait until the end of the probate process.

The executor has a fiduciary duty — an obligation to be honest, impartial, and financially responsible. This means you could be held liable if estate funds are mismanaged and the beneficiaries suffer losses.

If for any reason you are not willing or able to perform the executor’s duties, you have a right to refuse the position. If no alternate is named in the will, an administrator will be appointed by the courts.

Let me guide you through your retirement planning decisions. Contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. 

Contact me TEL: 1-833-313-7233.

Retirement Specialist Freeman Owen, Jr.
January 16th, 2020 by

If you receive a distribution from a qualified retirement plan such as a 401(k), you need to consider whether to pay taxes now or to roll over the account to another tax-deferred plan. A correctly implemented rollover avoids current taxes and allows the funds to continue accumulating tax-deferred.

MOST TAX-EFFICIENT WAY TO TAKE A DISTRIBUTION FROM A RETIREMENT PLAN

PAYING CURRENT TAXES WITH A LUMP-SUM DISTRIBUTION

If you decide to take a lump-sum distribution, income taxes are due on the total amount of the distribution (except for any after-tax contributions you’ve made) and are due in the year in which you cash out. Employers are required to withhold 20% automatically from the check and apply it toward federal income taxes, so you will receive only 80% of your total vested value in the plan. (Special rules apply to Roth accounts.)

The advantage of a lump-sum distribution is that you can spend or invest the balance as you wish. The problem with this approach is parting with all those tax dollars. Income taxes on the total distribution are taxed at your marginal income tax rate. If the distribution is large, it could easily move you into a higher tax bracket. Distributions taken prior to age 59½ are subject to a 10% federal income tax penalty. (Special rules may apply if you were born before 1936.)

DEFERRING TAXES WITH A ROLLOVER

If you don’t qualify for the above options or don’t want to pay current taxes on your lump-sum distribution, you can roll the money into a traditional IRA.

If you choose a rollover from a tax-deferred plan to a Roth IRA, you must pay income taxes on the total amount converted in that tax year. However, future withdrawals of earnings from a Roth IRA are free of federal income tax after age 59½ as long as the five-tax year holding requirement has been met. Even if you are not 59½, your distribution may be tax-free if you are disabled or a first-time home purchaser ($10,000 lifetime maximum), as long as you satisfy the five-year holding period.

If you elect to use an IRA rollover, you can avoid potential tax and penalty problems by electing a direct trustee-to-trustee transfer; in other words, the money never passes through your hands. IRA rollovers must be completed within 60 days of the distribution to avoid current taxes and penalties.

An IRA rollover allows your retirement nest egg to continue compounding tax-deferred. Remember that you must generally begin taking annual required minimum distributions (RMDs) from tax-deferred retirement plans after you turn 70½ (the first distribution must be taken no later than April 1 of the year after the year in which you reach age 70½). Failure to take an RMD subjects the funds that should have been withdrawn to a 50% federal income tax penalty.

Of course, there is also the possibility that you may be able to keep the funds in your former employer’s plan or move it to your new employer’s plan if allowed by the plans. (Make sure you understand the pros and cons of rolling funds from an employer plan to an IRA before you take any action.)

Before you decide which method to take for distributions from a qualified retirement plan, it would be prudent to consult with a professional tax advisor.

Let me guide you through your retirement planning decisions. Contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. 

Contact me TEL: 1-833-313-7233.

Retirement Specialist Freeman Owen, Jr.
January 7th, 2020 by

Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.

One rule of thumb is that retirees will need approximately 80% of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.

how much do I need to save for retirement?

Here are some factors to consider when determining a retirement savings goal.

1. RETIREMENT AGE

The first factor to consider is the age at which you expect to retire. In reality, many people anticipate that they will retire later than they actually do; unexpected issues, such as health problems or workplace changes (downsizing, etc.), tend to stand in their way. Of course, the earlier you retire, the more money you will need to last throughout retirement. It’s important to prepare for unanticipated occurrences that could force you into early retirement.

2. LIFE EXPECTANCY

Although you can’t know what the duration of your life will be, there are a few factors that may give you a hint.

You should take into account your family history — how long your relatives have lived and diseases that are common in your family — as well as your own past and present health issues. Also, consider that life spans are increasing with recent medical developments. More people will be living to age 100, or perhaps even longer. When calculating how much you need to save, you should factor in the number of years you expect to spend in retirement.

3. FUTURE HEALTH-CARE NEEDS

Another factor to consider is the cost of health care. Health-care costs have been rising much faster than general inflation, and fewer employers are offering health benefits to retirees. Long-term care is another consideration. These costs could severely dip into your savings and even result in your filing for bankruptcy if the need for care is prolonged.

4. LIFESTYLE

Another important consideration is your desired retirement lifestyle. Do you want to travel? Are you planning to be involved in philanthropic endeavors? Will you have an expensive country club membership? Are there any hobbies you would like to pursue? The answers to these questions can help you decide what additional costs your ideal retirement will require.

Many baby boomers expect that they will work part-time in retirement. However, if this is your intention and you find that working longer becomes impossible, you will still need the appropriate funds to support your retirement lifestyle.

5. INFLATION

If you think you have accounted for every possibility when constructing a savings goal but forget this vital component, your savings could be far from sufficient. Inflation has the potential to lower the value of your savings from year to year, significantly reducing your purchasing power over time. It is important for your savings to keep pace with or exceed inflation.

6. SOCIAL SECURITY

Many retirees believe that they can rely on their future Social Security benefits. However, this may not be true for you. The Social Security system is under increasing strain as more baby boomers are retiring and fewer workers are available to pay their benefits. And the reality is that Social Security currently provides about 40% of the total income of Americans aged 65 and older with at least $47,731 in annual household income.1 That leaves about 60% to be covered in other ways.

AND THE TOTAL IS…

After considering all these factors, you should have a much better idea of how much you need to save for retirement.

For example, let’s assume you will retire when you are 65 and spend a total of 20 years in retirement, living to age 85. Your annual income is currently $80,000, and you think that 75% of your pre-retirement income ($60,000) will be enough to cover the costs of your ideal retirement, including some travel you intend to do and potential health-care expenses. After factoring in the $18,000* annual Social Security benefit you expect to receive, a $10,000 annual pension from your employer, a 3% potential inflation, and a 5% real rate of return, you end up with a total retirement savings amount needed of about $720,000. (For your own situation, you can use a retirement savings calculator from your retirement plan provider or from a financial site on the Internet.) This hypothetical example is used for illustrative purposes only and does not represent the performance of any specific investment.

The estimated total for this hypothetical example may seem daunting. But after determining your retirement savings goal and factoring in how much you have saved already, you may be able to determine how much you need to save each year to reach your destination. The important thing is to come up with a goal and then develop a strategy to pursue it. You don’t want to spend your retirement years wishing you had planned ahead when you had the time. The sooner you start saving and investing to reach your goal, the closer you will be to realizing your retirement dreams.

* Social Security Fact Sheet, 2020, estimated average annual Social Security benefit payable in January 2020.

Source: 1) Social Security Administration, 2019

You need a little foresight and knowledge to make the most of your retirement plan. So, contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. 

Contact me TEL: 1-833-313-7233.

Retirement Specialist Freeman Owen, Jr.
December 11, 2019
December 11th, 2019 by
Holiday Shopping Tips

In 2018, Internet retail sales rose by more than 14% over 2017, while brick-and-mortar sales increased by less than 4%. About $514 billion in goods and services were purchased in cyberspace throughout the year. Even so, traditional retailers still dominated the marketplace, with $4.8 trillion in sales.1

Shopping online is especially popular during the holiday season when many people prefer to avoid the crowds and purchase and ship gifts with a few clicks of the mouse. Before you click, you might consider these tips, which could help make your online shopping experience safer and more satisfying.

Connect carefully. Look for https:// in the URL and an icon of a locked padlock, typically to the left of the URL, which indicates a secure connection. Don’t provide personal or financial information when connected to a public Wi-Fi hotspot unless you are certain it is secure. If you must use public Wi-Fi, use a virtual private network (VPN).

Protect your identity. Create a strong password if you order through an account. Only provide information that is required for your order. Opt-out of future contacts unless you want further information.

Use a credit card, not a debit card. Credit card payments can be withheld if there is a dispute, but debit cards are typically debited quickly. Credit cards generally have better protection than debit cards against fraudulent charges.

Know the vendor. Ordering online from well-known retailers is generally safer (although even large vendors can be hacked). If you want to order from an unknown vendor, read online reviews from other consumers and check out the company with the Better Business Bureau. Regardless of the vendor, be sure you are comfortable with the return policy, check for additional fees (such as handling), and make sure you’re not signing up for a service or product with recurring charges.

Finally, remember to factor in time for shipping. Many retailers offer free or low-cost delivery with a guaranteed delivery date, but it might not be as fast as you would like — and overnight or expedited delivery can be costly. If you need a last-minute gift, you might have to face those crowds at the local mall.

1) U.S. Census Bureau, 2019

Planning for retirement is like planning a birthday party. You need a little foresight and knowledge to make the most of your retirement plan. So, contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. 

Contact me 1-833-313-7233.

Retirement Specialist Freeman Owen, Jr.
June 21st, 2018 by

four financial numbers

Daily life is full of numbers, and some matter more than others. Here are four financial numbers that could help you understand and potentially improve your financial situation.

1. Retirement Plan Contribution Rate

What percentage of your salary are you contributing to a retirement plan? Making automatic contributions through an employer-sponsored plan is a convenient way to save for retirement, but this out-of-sight, out-of-mind approach may result in a disparity between what you need to save and what you are actually saving. There is no magic number, but one common guideline is to save 10% to 15% of your salary. If you start late, you may need to save even more.

If that seems like too much, you should at least contribute enough to receive the full company match (if any) that your employer offers. Some plans let you sign up for automatic increases each year, which is a simple way to bump up the percentage you’re saving over time.

2. Credit Score

This is the second of the four financial numbers you should know. When you apply for credit, such as a mortgage, a car loan, or a credit card, your credit score will likely factor into the approval decision and affect the terms and the interest rate you’ll pay.

The most common credit score is a FICO® Score, a three-digit number that ranges from 300 to 850. At one time, you had to pay to check your score, but many credit-card companies now offer this as a free service to customers. You should also regularly check your credit report, which contains the information used to calculate your score. You’re entitled to one free copy every 12 months from each of the three major credit-reporting agencies. To request a free report, visit annualcreditreport.com.

3. Debt-to-Income Ratio

Your debt-to-income ratio (DTI) is another number that lenders may use when deciding whether to offer you credit. A DTI that is too high might mean that you are overextended. Your DTI is calculated by adding up your major monthly expenses and dividing that figure by your gross monthly income. The result is expressed as a percentage. If your monthly expenses total $2,000 and your gross monthly income is $6,000, your DTI is 33.3%.h

Lenders decide what DTIs are acceptable, based on the type of credit. For example, a ratio of 43% or less is standard for many types of mortgages, but the percentage might be more or less depending on the specific situation.1

Once you know your DTI, you can take steps to reduce it if necessary. You may be able to pay off a low-balance loan to remove it from the calculation and/or avoid taking on new debt that might negatively affect your DTI. Check with your lender if you have questions about acceptable DTIs.

4. Net Worth

Your net worth provides a snapshot of where you stand financially. To calculate your net worth, add up your assets (what you own) and subtract your liabilities (what you owe). Ideally, your net worth will grow over time as you save more and pay down debt, at least until retirement.

If your net worth is stagnant or even declining, then it might be time to make some adjustments to target your financial goals, such as trimming expenses or rethinking your investment strategy.
Sources:
1) Consumer Financial Protection Bureau, 2017

Knowing your four financial numbers is crucial to your retirement plan.

Have you got multiple 403(b) accounts from different employers? We can consolidate them & look at your overall retirement plan. So, contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. Contact me  1-833-313-7233.

Freeman2017-blog2

 

May 9th, 2018 by

student debt

Normally, it’s recent college graduates or young professionals that complain about the burden of student debt. However, the number of consumers age 60 and older with student loan debt quadrupled from 2005 to 2015 (see chart). During this period, the average amount owed by those 60 and older rose from $12,100 to $23,500.1

late life student debt

Repaying student debt can make it more difficult to save for retirement. Student loan borrowers who are 50 to 59 have lower retirement account balances than those without such loans. In 2015, 29% of loans by borrowers age 50 to 64 were in default, compared with just 17% for those under 50. For borrowers who are 65 or older, the default rate was even higher at 37%.2

If you have student debt or are considering a higher-education loan, here are some factors to keep in mind:

1. Federal Offsets

The federal government can withhold all or part of a tax refund and up to 15% of monthly Social Security benefits to pay back defaulted federal student loans.3(These federal “offsets” do not apply to private student loans, but private debt collectors may threaten to take such action.) Unlike some forms of loans, student debt is not dischargeable through standard bankruptcy proceedings.

2. Student Debt Payment Considerations

Federal student loans offer a variety of income-based repayment plans, but it’s important to make sure you are enrolled in the appropriate plan if your income changes, such as when you shift into retirement. Borrowers of Parent PLUS loans, designed specifically for parents, are eligible for a limited income-based repayment plan, but the student debt must be converted to a federal consolidation loan.

When making payments for a student who has multiple loans that have not been consolidated — for example, if you co-signed a loan for a student who has other loans under his or her name — make sure that your payments are being applied to the appropriate loan in order to preserve your own credit.

3. Think About Your Own Future

Although some older Americans still carry debt from their own education or a spouse’s education, almost three out of four student loan borrowers age 60 and older carry loans for children or grandchildren.4 Many parents feel a deep sense of responsibility to help put their children through college. But it’s also important to focus on your own financial future and maintain a consistent and realistic retirement strategy.

Sources:
1–2, 4) Consumer Financial Protection Bureau, 2017
3) U.S. Government Accountability Office, 2016

There are no scholarships to help pay for retirement.

I know you may have strong feelings about putting your children or grandchildren through college. But, there may be other solutions available to you. Contact me for a FREE retirement strategy consultation at my office in Upper Marlboro, MD. Contact me 1-833-313-7233.

Freeman2017-blog2

 

July 28th, 2016 by

More than nine out of ten parents believe it is important for students to learn about personal finance in school, and three out of four think there should be a finance requirement to graduate from high school. Even so, 72% express at least some reluctance when it comes to talking about finances at home.(1)

Certainly, learning about finance in school is important, but there are limitations. Forty-seven states include personal finance in their standards for K–12 education. Every state includes economics. However, state standards do not necessarily translate into class offerings or individual requirements.
Teach Your Kids About Money

Moreover, a new academic study of state programs suggests that financial education in school may not correlate directly with financial success. On the other hand, students who take more mathematics courses do seem to be more successful financially after they graduate. To put it simply, understanding financial concepts may not be that helpful unless you can do the math.(2)

1. Start with Saving.

Opening a savings account not only may help your child learn to save but also can be an introduction to banking. (Some banks allow teens to access their accounts through mobile apps.) Talk about saving for goals that require a financial commitment, such as a bike, car, college, and travel. Consider matching the funds your child saves for a worthy purpose.

2. Practice Budgeting.

If your child has income from an allowance or a job, help him or her develop and follow a budget. Teach your kids about money by giving older children responsibility to buy items such as special clothing and luxury items. It’s better to learn the consequences of overspending now than later in life.

3. Illustrate Interest.

Even young children can understand the idea of borrowing and returning the borrowed item. When children understand fractions and percents, it’s time to explain interest. Offer real-world examples, such as an auto loan or home mortgage. Teach your kids about money by using an online calculator and showing them how a payment schedule works.

4. Introduce Nest-Egg Dollars.

Your kids probably hear about the stock market, but even older teens may not understand what it is. Explain the concept of buying stock in a company and the idea of risk and reward. Teach your kids about money by using board games that can help bring learning to life.

5. Open Up.

You don’t want to worry your children. But research suggests that it’s better to discuss money on a practical level than to keep them completely in the dark(3). You might use a real-life situation to teach your kids about money. For example, you can teach about the decision to buy one product versus another. And, you can teach on the commitment to save for retirement.

Teach Your Kids About Money

Although it’s important to educate your children about financial matters, don’t overemphasize the importance of money. Explain that managing money is a necessary skill, but — as the saying goes — money can’t buy happiness.

Sources:
1) Forbes.com, June 8, 2015
2–3) The Wall Street Journal, February 2, 2015

July 21st, 2016 by

Economic Education
More states see the need for better economic education. Still, fewer than half of states have made financial education courses a requirement for high school students. In fact, in 2012 U.S. students scored below average for developed nations (OECD) in a test of financial literacy. This test was taken by 15-year-olds all around the world. Shockingly, more than one in six U.S. students failed to reach the baseline level of proficiency(1).

Hands On Economic Education For Kids

There is a program in Denver, CO that takes on the challenge of teaching 5th graders about money. Young Americans Center for Financial Education is on a mission to develop the financial literacy of young people through real-life experiences and hands-on programs. They purposefully design environments to enable youngsters to prosper in a free enterprise system.

Using constructed stores, utility companies, government offices, young 5th graders experience first hand how money and business work together. Also, Young Americans Center for Education offer a 21 years-and-younger bank. This is where children learn lessons about loans, certificates of deposits (CDs), savings accounts, checking accounts, debit cards, ATM cards and credit cards. Furthermore, they offer free classes and workshops.

Moreover, the economic education doesn’t end in just a classroom. Entrepreneurial kids can sell their  goods at the Young Americans YouthBiz Marketplace events after learning about taxes and accounting. What a great idea, don’t you think?

See more about what they do:

Young Americans Center For Education

What Can Parents Do?

Young Americans from all social backgrounds need to learn about money early. There isn’t enough of this kind of economic education in public schools. Yes, parents, you can help too. Begin by developing your child’s money knowledge at a young age. They desperately need money education to thrive in today’s complex global economy. You can make an effort to devote time at the dinner table or in the car to discuss financial concepts. Ultimately, it’s also a good idea to encourage your children to take economics or personal finance courses offered at school. They may not need it to graduate, but they will certainly need it in real life.

Source: 1) Council for Economic Education, 2016

March 14th, 2016 by

More student loan borrowers are expected to gain access to new federal programs designed to reduce monthly payments and lessen the wider economic toll of student debt.

The Revised Pay as You Earn (REPAYE) program will expand an existing income-based repayment program. It may be available to as many as 5 million Direct Loan borrowers (not Parent Direct PLUS Loan borrowers), without their having to demonstrate “financial hardship” and regardless of when they took out their Direct Loans.

Student Debt Relief
With this repayment plan, your monthly student loan payment would be 10% of your annual discretionary income. Discretionary income refers to what you earn above 150% of the federal poverty line ($17,655 in 2015). A borrower earning $40,000, for example, would make payments based on discretionary income of $22,345.

After 20 years of on-time payments, the remaining balance would be forgiven. If you borrowed money for graduate school, you must wait 25 years for forgiveness. Debt may be forgiven after 10 years for those in certain public-service jobs.

To qualify for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program, you must make 120 on-time payments on your Direct Loans (Direct Subsidized and Unsubsidized Loans, Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans). Only payments made after October 1, 2007, will qualify.

While making the 120 payments, you must be working full-time at a qualifying public-service organization, which may include federal, state, and local government entities such as the military, public safety and law enforcement, public education and libraries, public health and legal services, as well as tax-exempt, not-for-profit groups.

Source: The New York Times, August 14, 2015

Freeman Owen, Jr - Host of "Safe Money Talk" on CBS Radio The Big Talker 1580AM

There is expert guidance available to you for your retirement planning goals.

Meet me for a FREE retirement strategy consultation at my office at 833-313-7233 | MD, VA & DC. 

 

September 10th, 2014 by

Costs of College

Will College Pay Off? High Costs Call for Smarter Choices

With the financial futures of college-bound students and supportive parents at stake, it may be more important than ever for families to make informed decisions.

The average total cost for one year at a four-year public college surpassed $18,000 in the 2013–2014 academic year, and charges rose to nearly $41,000 at private institutions (costs include tuition, fees, room, and board). A four-year undergraduate education can range from $100,000 to $200,000 per student, which means even affluent families might find it difficult to pay for their children’s college expenses without borrowing money and/or putting their own retirements at risk.1

As the price of college tuition has increased faster than incomes, students have been borrowing more to fill the gap.2 The total amount of U.S. student-loan debt reached $1.2 trillion in 2014, nearly three times the amount in 2004. In fact, about 70% of the class of 2014 graduated with student debt averaging $33,000, up from $18,600 in 2004.3

College loans are relatively easy for students and parents to obtain, but a growing number of defaults suggests that college debt is often more difficult to repay.4 A weak job market has resulted in an increasing number of underemployed graduates, a situation that can be especially tough for those who are mired in debt.5

Bang for the Buck

Soaring costs and diminishing rewards have left many people wondering whether college is worth the time and expense. Still, the earnings gap has continued to widen: Workers with four-year degrees earned nearly twice as much as those without degrees in 2013. According to one study, not going to college could cost someone about $500,000 in lost earnings over a lifetime.6

Life After Debt

When making college decisions, students often review college rankings and data indicating which schools or programs produce the highest-paid graduates. But they might also consider the surprising results of a recent Gallup poll.

Graduates of the top 100 universities (ranked by U.S. News & World Report) were no more likely to say they were thriving in five aspects of well-being than were graduates of other institutions. Only 4% of graduates with $20,000 to $40,000 of college debt said they were “thriving,” compared with 14% of those with no debt.8

One takeaway is that elite universities may not provide as many economic and career advantages as one might assume. In fact, where a person studies may matter less than having the opportunity to earn a degree without racking up a burdensome amount of student debt.

Sources:
1) The College Board, 2013
2) The Wall Street Journal, January 15, 2014
3–4) The Wall Street Journal, June 14, 2014
5, 7) Federal Reserve Bank of New York, 2014
6) The New York Times, May 27, 2014
8) Gallup, 2014

Freeman Owen, Jr - Host of "Safe Money Talk" on CBS Radio The Big Talker 1580AM I want to help you KEEP your retirement money safe.  If you have a student planning to go to college or university, let’s review your payment strategy before you decide to use your retirement money like an ATM machine. Toll Free: 1-833-313-7233 | MD, VA & DC.