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40 Force: Financing Your Future

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SPRINGFIELD, Mass. (WGGB) — Perhaps one of your New Year’s resolutions is to get your finances in order and plan for your future.

Monday night, the 40 Force teamed up with financial experts to help you get the advice you need to prepare for your later years.

Whether it be about saving for emergencies, planning for retirement, or even saving for your child’s college tuition, our panel was here to answer your calls and your questions.

“College is a big one and a lot of times it’s competing with retirement because a lot of couples have or singles have children to put through college as well as their own retirement. 529’s are probably the most common way people fund for college and again there are tax benefits for doing that…If you use the money for post high school education, it could be for technical school, college or graduate school, you don’t pay any taxes on the earnings that accrue between now and 18 years from now, 20 years from now,” said financial expert Cindy Bigras.

Thanks to the experts who joined us:
Nicholas Stern & Robert Stern
Robert L. Stern Financial Service
433 West Street, Suite 7, Amherst, MA 01002
413-253-8989

Thomas Manzi, Vice President of Investments
Wells Fargo Advisors
1350 Main Street, Suite 38, Springfield
(413) 755-1160

Paul Hillsburg, Assistant Vice President – PeoplesFinancial and Insurance Services / Investment Executive, Infinex Investments
7 College Street, South Hadley
(413) 532-9438

Cindy Bigras, CFP
1866 Northampton Street, Holyoke
(413) 532-9120

SAVING

Importance of Saving
CNN Money: 10 steps to making a budget
Mashable: 25 Apps to Save You Money
MoneyTalksNews: 9 Easy Ways to Save $100 or More Each Month

COLLEGE

How much will that college really cost?
Setting up a budget for college
What types of financial aid can I get?
Do I qualify for student aid?
Apply for federal financial aid with the FAFSA
FinAid.org – Information on scholarships, loans, and saving
Repayment Plans for Federal Student Loans
Understanding student loan default
Introduction to 529 Plans (College Savings Plans)
Consolidating Federal Student Loans
PLUS Loans – Loans available for grad. students and parents of undergrads.

RETIREMENT

Finding a Certified Financial Planner
CNN Money: 10 steps to making a budget
Click here to help calculate your federal estate tax liability
IRS: Questions on IRA/ROTH distributions, contributions, etc
U.S. Health and Human Services: Planning for long-term care needs
U.S. Health and Human Services: Information on Medicare
Social Security Administration
CNN Money: How much money will I need to retire?


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