^ 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money is withdrawn tax-free.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.
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