Pay Off Student Loans Or Save For Retirement? 11 Ways To Balance Your Financial Goals

Written by: Kathryn Flynn | College is a major expense, and families without a plan for their children risk jeopardizing their retirement and future financial independence. Many financial advisors discuss college savings as part of a family’s overall financial plan. New parents, parents of high school students and grandparents all turn to financial advisors for help with college planning.

Here are expert tips from financial advisors on how to help clients solve three common issues with college planning.

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Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

Independent advisors need to lead the recruiting and training of a new generation of wealth managers, according Jeff Motske, president and CEO of Trilogy Financial, $3 billion hybrid RIA based in Huntington Beach, Ca.

“The public wants independent advisors and the industry is moving in that direction,” he said. “Clients are already asking older advisors about who is going to advise them when the advisor retires. Older clients want someone who can see their family through the estate transition process. A younger planner gives clients confidence that someone will be there to help them through their entire life and afterward.”

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