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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 State Farm Insurance 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 State Farm Insurance 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 State Farm Insurance employees who already put money away for college, the worksheet will take that amount into consideration. For State Farm Insurance 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 State Farm Insurance 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 State Farm Insurance offer to its employees?
State Farm Insurance offers a 401(k) retirement savings plan to help employees save for their future.
How can employees of State Farm Insurance enroll in the 401(k) plan?
Employees can enroll in the State Farm Insurance 401(k) plan through the company’s HR portal or by contacting their HR representative for assistance.
Does State Farm Insurance match employee contributions to the 401(k) plan?
Yes, State Farm Insurance provides a matching contribution to employees' 401(k) plans, subject to certain terms and conditions.
What is the maximum contribution limit for the 401(k) plan at State Farm Insurance?
The maximum contribution limit for the State Farm Insurance 401(k) plan aligns with IRS guidelines, which may change annually.
Are there any fees associated with the 401(k) plan at State Farm Insurance?
Yes, State Farm Insurance may charge administrative fees for managing the 401(k) plan, which are disclosed in the plan documents.
Can employees of State Farm Insurance take loans against their 401(k) savings?
Yes, State Farm Insurance allows employees to take loans against their 401(k) savings, subject to specific terms outlined in the plan.
What investment options are available in the State Farm Insurance 401(k) plan?
The State Farm Insurance 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.
How often can employees change their contribution rate to the State Farm Insurance 401(k) plan?
Employees can change their contribution rate to the State Farm Insurance 401(k) plan at any time, subject to plan rules.
Is there a vesting schedule for the employer match in the State Farm Insurance 401(k) plan?
Yes, State Farm Insurance has a vesting schedule for employer matching contributions, which determines when employees fully own those funds.
Can employees of State Farm Insurance access their 401(k) funds before retirement?
Employees can access their 401(k) funds before retirement under certain circumstances, such as financial hardship or after reaching a specific age.
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