ClearFuture Financial FAQ

529 College Savings Plans | IRAs (Individual Retirement Accounts) | Investments

529 College Savings Plans

For more information on how this is figured, contact Suzanne Heck at 260.487.3348 or email. Read more about college savings plans.

What impact does a 529 have on eligibility for federal financial aid?

529 plan assets are counted at different rates for the Expected Family Contribution (EFC) in the FAFSA formula.

Can money be rolled over from another 529 plan to one I start at 3Rivers?

Yes.  You may perform a federal income tax-free rollover from another qualified tuition program into a 3Rivers' 529 (CollegeChoice) account for the same beneficiary once every 12 months.  Please note:  effective January 1, 2010, rollovers from another state's qualified tuition program will no longer be eligible for the Indiana state income tax credit.

What is the contribution minimum/maximum for a 529 plan account?

You can start up a 529 plan for as little as $25 and make money investments of $25 or more. More than one person can contribute to the same account until the aggregated contributions for a beneficiary reach $298,770. After that, the account may continue to grow higher through investment earnings only.

Does a beneficiary to a 529 plan have to attend college in Indiana or Ohio?

No.  Assets in the account can be used toward the costs of nearly any public or private, 2-year or 4-year college nationwide, as long as the student is enrolled in a U.S.-accredited college, university, or technical school that is eligible  to participate in U.S. Department of Education student financial aid programs.

Who can open a 529 plan?

Any U.S. citizen or resident alien, 18 or older, or an entity that is organized in the U.S. with a social security number and a valid, permanent U.S. street address, can open an account, regardless of income. Parents, grandparents, other familiy, and friends can open an account for anyone they choose. 

 

IRAs (Individual Retirement Accounts)

For more information on how this is figured, contact Suzanne Heck at 260.487.3348 or email. Read more about 3Rivers can help with your future planning needs.

Can I roll over my old 401(k) from a previous employer to my Roth or Traditional IRA here at 3Rivers?

Generally, Yes.

Can I transfer my IRA from another institution to 3Rivers? 

Yes. Learn more about future savings plans.

Can I convert my existing Traditional IRA to a Roth IRA?

Yes! Most people can convert eligible retirement savings to a Roth IRA. Please speak with your tax advisor about your specific situation to determine if this may make sense for you. 

How much can I contribute to my IRA?

You can contribute up to the lesser of 100% of your earned income or $5,500 for 2018. Once you reach age 50, contribution limits on IRAs increase by another $1,000, allowing those who may have put off starting to save for retirement to "catch up" on their plans by contributing an amount over the standard limit. Learn more about IRA contributions.

 

Investments

For more information on how this is figured, contact Suzanne Heck at 260.487.3348 or email. Read more about 3Rivers can help with your future investment needs.

How much money do I need to start investing?

It's not about the dollar amount - it's about the disciplined savings plan we can help you set up.  You can begin today with as little as $25 per month. Or we can partner with those already investing. 

Our goal is to help you meet all your financial needs, whether you are a seasoned investor, or taking a look for he first time. Our investment representatives take special effort to take as much of the intimidation factor out of discussing money matter with our members.