The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
Annual rates of return can vary significantly and will depend upon your asset allocation and other variables. Historically, higher rates of return have been associated with higher degrees of risk.
According to the College Board, the annual cost for tuition, room, board, and fees at 4-year public colleges averages $24,030 for in-state students in the 2023-2024 academic year. At 4-year private colleges, these costs average $56,190.
Financial aid may be available to students and parents seeking to fund a child's education. Many awards are not needs-based. In the 2022-2023 academic year, the average financial aid per full-time student was estimated to be $15,480, of which $3,860 was estimated to be in the form of federal loans, according to the College Board.
If the IRA holder turns 73 this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.