Investing
I want your advice about investing in the Chicago Public Schools 403b or 457 plan. I’m in my late 40’s and I recently starting maxing out my roth IRA account, but I don’t have any other retirement besides the CPS pension. Should I invest in either plan? I figured its better to start investing rather than saving money in a savings account since my child will be starting college in 2 years (and that will affect financial aid). My child has a 529 plan , but its minimally funded.
Thank you
Terry Says
In general, it’s always good to set aside as much money as you can in a retirement plan. I’m not familiar with the specifics of the CPS plan, but I’m pretty sure it’s a pre-tax contribution — And you’re correct that it will reduce your income for FAFSA purposes. So it’s a win/win idea.
