Hudson Valley Parent

HVP October 2016

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12 Hudson Valley Parent n October 2016 Ways to save Mutual Funds - Issued via shares from an investment com- pany that is obliged to redeem or repurchase them from the owners upon demand, a finan- cial advisor can help you look for a fund with a good track record and low expenses. Savings Bonds - Generally considered relatively safe invest- ment vehicles that are fully U.S. government-backed. Maturity takes a number of years and may not yield enough to keep up with the rate of inflation, but may be good to use as college orienta- tion or retirement gets closer. Traditional Individual Retire- ment Account/Roth IRA - Con- tributions may be tax-deductible depending on your income. Withdrawals from either can be used to pay for qualified higher education expenses without an IRS early withdrawal penalty. 529 Plans - State or institu- tion-sponsored programs that let you put money away (as little as $25 to open) then transfer your investment to any accredited college or technical school in the country. you don't know about saving for retirement and college for your children, there's no harm in seeking the advice of someone who does. Setting up a meeting with a financial planner is an excellent option. "The good ones will want to sit down with you," Horodyski says. "They are all working to make good clients, whether those clients make $20,000 or $120,000 a year." He suggests talking to people you trust and getting recommendations as well as talking to your local bank advisor and asking the same. Once you do find someone who can help you draft a plan you are comfortable with, do your home- work on the type of savings vehicles they suggest. For example, 529 college savings plans – which are operated by most states and many educational institutions to help families set aside funds for future college costs – tend to work well because they are not one-size-fits- all and can be tailored to suit your family's individual needs, but if your child decides he wants to go into the military, it's important to know what you can and can't do with those funds. "And maybe a trade school is a better option [for your child]," Horo- dyski says. "Trades are noble pro- fessions and [your child] won't get started with $100K of debt saddled to [his] back." Remember, saving a little is better than saving nothing. The sooner you start, the more you'll have when you need it. For more information, download information from the Department of Labor with more about planning for retirement. Find it at (search "retirement"). Felicia Hodges is the editor of Hudson Valley Parent magazine. DOUBLE DUTY (Continued from Page 11) By STACEY LUTZ M y son is only a year old, but I cringe at the thought of him being bullied when he reaches his school years. But can bullying even be prevent- ed? What it is defines bul- lying as repetitive, unwanted and aggressive behavior among school- aged children that involves a real or perceived power imbalance. They suggest that both those who are bullied as well as those who bully may suffer lasting effects as a result of the torment. According to the U.S. Department of Justice, one in every four kids are victims of verbal or physical bullying and 42 percent have been bullied online. With statistics that high, there's a strong chance that your child or someone she knows has been a victim of bullying, has wit- nessed it or may have bullied others. Bullying: What parents should know

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