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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 25, 2002)
^ the battalion fac Future Continued from page 1A Hoppess said the Roth IRA is a relatively new type of account 'that allows a person to save Pnlmoncy tax-free. Any money put ^■**iinto ihe account grows tax-free, and at the time of liquidation, the money is withdrawn tax-free. person may contribute up to $3,000 annually into a Roth IRA until 2004, Hoppess said. From 2005-2007, the annual Sharon i’s app named 3 ' the foir : j :s. Binyam; >1(1 repo: : I membeii work asi 1 play a": mililan a lOrAhtiit- ity of joe* N. v" Hit increases to $4,000, and landed! frori 2008 and thereafter ’ the u;U„ 'Huai limit increases to *> ,00. he said. h seer *! 11 ' 8 a g00tl time to look at k . p Y this because markets have really pulled back,” Hoppess said. a “The growth will be nice.” other pait ] i Dr - Lynn B. White, Texas a|] ; Cooperative Extension family b r j n2 economics specialist, said as of Jan. 1 the federal government .Hreased the amount of money a person may contribute to an employer-sponsored retirement plan such as a 401(k), to encour age individuals to save. A person may contribute up to $11,000 this year, she said. ■ Hoppess said college stu dents, if they are eligible, saidk shl ’ uld take advantage of their fact-'' employers’401 (k) benefits. He )uncil c he ur g es graduating sen- nnar iors to think about their future imestments and not waste time alestinir 4 kin g P lans - lecision Sf ’' M y a dvice for students grad- t undenraH in § is to look str ongly at the ; ess " retirement plans that companies udedidr 0 ® cr ’ , Hoppess said. “Dive right hey do," m as soon as y° u can - ^ ou start 7 A Thursday, April 25, 2002 becoming successful the minute you start taking steps forward.” Hoppess also said any amount of money a student can put away into an investment plan is a good idea. However, he said students should build up their securities first, making sure they have enough money set aside in case of an emergency, before they start contributing to an account on a regular basis. “You don’t want to have to save today and then liquidate tomorrow,” Hoppess said. “Investments are there for you to spend later on.” Bob Piwonka, director of the Department of Financial Aid, said all students can save for their futures by not accumulating any more debt than is needed for their college educations. “Do not buy things you don’t need, and don’t carry over any credit card charges,” Piwonka said. “That will get you out of college virtually free of debt.” Being free of debt after col lege, Piwonka said, will help students get a head start on sav ing for their futures. Whichever investment plan students choose to establish. White said there are several things they should consider: the longer a person saves, the greater the return on those savings; start early and save regularly; know how the interest will be figured on accounts; know the liquidity and any penalties on accounts in case they need to be accessed earlier than expected and know which terms and conditions are manageable for individual savings needs. wit: itmctf i the Jew [ vere levet:| sduringah m. A U.N.ial preparing le i Low Summer Lease Rates 1 Bedroom I Bath 2 Bedroom I Bath $ 300 a month $ 325 a month - I mile from campus - Lease term June 1st - Aug 20 th - No Pets Casa Blanca & Academic Village Apartments 4110 College Main Call 846-1413 http://users3.ev I .net/~hannenenterprises/ Press ed, both' 1 ss. andfe :ied. ° CjhufCflii. Qulznos the WTiy bother with parking when you can walk to TAMU? 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