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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 Peloton Interactive 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 Peloton Interactive 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 Peloton Interactive employees who already put money away for college, the worksheet will take that amount into consideration. For Peloton Interactive 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 Peloton Interactive 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 Peloton Interactive?
Peloton Interactive offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, helping them build a financial future.
How can employees of Peloton Interactive enroll in the 401(k) plan?
Employees can enroll in the Peloton Interactive 401(k) plan by accessing the benefits portal and following the enrollment instructions provided during their onboarding process.
Does Peloton Interactive match employee contributions to the 401(k) plan?
Yes, Peloton Interactive provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the vesting schedule for Peloton Interactive's 401(k) matching contributions?
The vesting schedule for Peloton Interactive's 401(k) matching contributions typically follows a standard schedule, allowing employees to gradually earn ownership of the matched funds over time.
Can employees of Peloton Interactive take loans against their 401(k) savings?
Yes, Peloton Interactive allows employees to take loans against their 401(k) savings, subject to the terms and conditions outlined in the plan documents.
What investment options are available in Peloton Interactive's 401(k) plan?
Peloton Interactive offers a range of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can employees change their contribution amounts to the Peloton Interactive 401(k) plan?
Employees can change their contribution amounts to the Peloton Interactive 401(k) plan on a quarterly basis or as specified in the plan guidelines.
What is the minimum contribution percentage for Peloton Interactive's 401(k) plan?
The minimum contribution percentage for Peloton Interactive's 401(k) plan is typically set at 1% of the employee's salary, but employees are encouraged to contribute more if possible.
Are there any fees associated with Peloton Interactive's 401(k) plan?
Yes, there may be administrative fees associated with Peloton Interactive's 401(k) plan, which are disclosed in the plan documents provided to employees.
How can employees track their 401(k) savings at Peloton Interactive?
Employees can track their 401(k) savings at Peloton Interactive by logging into the benefits portal, where they can view their account balance and investment performance.