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It doesn’t take a degree in finance to see the cost of college continues to rise.
In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.
For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our McAfee clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.
For McAfee employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.
For McAfee employees who already put money away for college, the worksheet will take that amount into consideration. For McAfee employees who haven’t, it’s never too late to start.
Resources
There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these McAfee employees to consider reviewing:
www.studentaid.ed.gov
The government’s college and financial aid portal.
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www.collegeboard.org
The group that administers the SAT test.
Estimating the Cost of College
What is the 401(k) plan offered by McAfee?
The 401(k) plan offered by McAfee is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in McAfee's 401(k) plan?
Employees can enroll in McAfee's 401(k) plan through the company’s HR portal during the open enrollment period or upon starting employment.
Does McAfee match contributions to the 401(k) plan?
Yes, McAfee offers a company match on employee contributions to the 401(k) plan, which enhances your retirement savings.
What is the maximum contribution limit for McAfee's 401(k) plan?
The maximum contribution limit for McAfee's 401(k) plan is in accordance with IRS guidelines, which may change annually.
Can I change my contribution rate to McAfee's 401(k) plan?
Yes, employees can change their contribution rate to McAfee's 401(k) plan at any time through the HR portal.
What investment options are available in McAfee's 401(k) plan?
McAfee's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
When can I access my funds in McAfee's 401(k) plan?
Employees can access their funds in McAfee's 401(k) plan upon reaching retirement age, or under certain circumstances such as financial hardship.
Is there a vesting schedule for McAfee's 401(k) plan?
Yes, McAfee has a vesting schedule for company contributions, meaning employees must work for a certain period to fully own the employer match.
Can I take a loan from my 401(k) plan at McAfee?
Yes, McAfee allows employees to take loans from their 401(k) plan, subject to specific terms and conditions.
What happens to my 401(k) plan if I leave McAfee?
If you leave McAfee, you can choose to roll over your 401(k) balance to another retirement account, leave it with McAfee, or cash it out.
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