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 Rackspace Technology 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 Rackspace Technology 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 Rackspace Technology employees who already put money away for college, the worksheet will take that amount into consideration. For Rackspace Technology 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 Rackspace Technology 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 type of retirement savings plan does Rackspace Technology offer to its employees?
Rackspace Technology offers a 401(k) retirement savings plan to help employees save for their future.
Does Rackspace Technology match employee contributions to the 401(k) plan?
Yes, Rackspace Technology provides a matching contribution to employee 401(k) contributions, which helps boost retirement savings.
What is the maximum contribution limit for the Rackspace Technology 401(k) plan?
The maximum contribution limit for the Rackspace Technology 401(k) plan follows the IRS guidelines, which can change annually.
Can employees at Rackspace Technology choose how to invest their 401(k) contributions?
Yes, employees at Rackspace Technology can choose from a variety of investment options for their 401(k) contributions.
When can employees at Rackspace Technology start contributing to the 401(k) plan?
Employees at Rackspace Technology can start contributing to the 401(k) plan after completing their eligibility period as outlined in the plan documents.
Is there a vesting schedule for the Rackspace Technology 401(k) matching contributions?
Yes, Rackspace Technology has a vesting schedule for matching contributions, which determines when employees fully own those contributions.
How can Rackspace Technology employees access their 401(k) account information?
Rackspace Technology employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.
Are there any fees associated with the Rackspace Technology 401(k) plan?
Yes, there may be fees associated with the Rackspace Technology 401(k) plan, which are disclosed in the plan documents and can vary based on investment options.
Can employees take loans against their 401(k) balance at Rackspace Technology?
Yes, Rackspace Technology allows employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.
What happens to my 401(k) account if I leave Rackspace Technology?
If you leave Rackspace Technology, you have several options for your 401(k) account, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.
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