Education Advisor
Education Advisor analyzes a client’s ability to fund an education goal. Individual student goals are input with the ability to select current school costs (college cost database updated annually). The module has the ability to use different inflation rates for the education cost and general living expenses. Current education assets are associated with input education goal and are used to fund the goal. Based on available assets and income the system can calculate how much of the goal is funded as well as how much additionally needs to be saved in a taxed, tax-free or qualified account.
Module Target User – Advisors
Completion Time – 15 to 30 minutes
This module:
- Defines multiple education goals
- Provides a unique average tax rate for each student or goal
- Allows each goal to be funded through a combination of student-owned assets and other cash flows
- Supports different types of assets that may be used to fund education goals, including Section 529 plans, Roth/Traditional IRAs, 401(k)s, and other investment assets
- Provides multiple alternatives to help fully fund the client’s plan, including:
- Saving more money at the student/goal level
- Reflecting additional cash flows
- Taking advantage of tax incentives such as Hope and Lifetime Credits