How do I save for my children's education?
What is the benefit of tax-deferred growth?
What is Long-Term Care?
How much does Long-Term Care cost?
Who pays for Long-Term Care?
Long-Term Insurance

How do I save for my children's education?

One of parents' biggest concerns is giving their child the best education possible. A solid education, a good job, a secure future - you want nothing less than a future filled with happiness and security for your child. It's never too early to start planning and it is never too late to evaluate your resources. There is a lot of information available on the Internet, through bookstores, and from financial agents in regards to saving for your child's future. Keep in mind that every family's situation is different and strategies should be tailored to an individual's situation.

Focus on the goal. Your goal is to save for your child's education. You have an idea of how much college is going to cost you. Just as you would save for any other goal, save the same way for college. Estimate what you will need, figure in what you already have and how much you will need to save per month to get there. Utilize our calculators to assist you in determining how much you need to save. Also see our asset allocation models to see what strategies will help you reach your goal. If you can't afford right now to save the entire amount necessary, save the most you can.

Stay Disciplined. Make a plan to save on a routine basis and make saving a priority. Saving routinely will keep you on track to meet your goal.

What is the benefit of tax-deferred growth?

With tax-deferred growth, you do not have to pay taxes on your earnings until you withdraw your money. This allows you to keep more of what you earn and increase your savings.

What is Long-Term Care?

Someone with a long physical illness, a disability, or a cognitive impairement (such as Alzheimer's disease) often needs long-term care. Long-Term care is different from traditional medical care. Long-Term care helps one live as he or she is now. Long-Term care services may include help with activities of daily living, home care, respite care, adult day care, care in a nursing home, and care in an assisted living facility.

How much does Long-Term Care cost?

The cost depends on the amount and type of care you need and where you get it. In 1997, the average cost was more than $46,000 for a year of nursing home care.

Who pays for Long-Term Care?

People pay for Long-Term Care in a variety of ways. These include: using the personal resources of individuals or their families, long-term insurance, and some assistance from Medicaid.

Long-Term Insurance

This type of insurance will pay for some or all of your long-term care.