<p>My dads filling out my CSS Profile these days, and he realized it asks for the amount of money in my parents retirement accounts. These years, he's always been putting whatever money he can into his retirement accounts so it could help belie our assets for when i go to college (since we know that whatever money he puts in in a year still counts as income, but at least all the money hes saved over the years doesnt go into our assets since he can't take anything out of it).</p>
<p>So, my parents make like low to mid 100k and they have typical assets, but their retirement accounts are well over 500k. How would this affect my EFC?</p>
<p>Unfortunately, your dad’s strategy is only fully applicable to FAFSA schools. Profile schools use this information differently - from what I’ve read, some apparently disregard retirement assets, others cap the amount they will allow without affecting EFC. To get more info you could post the schools you’re applying to or call them and ask what their policy is.</p>
<p>What schools?</p>
<p>How much will your dad pay each year?</p>
<p>Sounds like agi is about $130k</p>
<p>Your dad’s total retirement account balance may not matter as much as you think. Your family contribution is largely based on your family’s income. So…if your parents have a higher income, their family contribution might still be high…even without that retirement income being considered. </p>
<p>Most schools do not use the balance in the retirement accounts. You could call the school(s) and ask.</p>
<p>I believe the most each of your parents can put into a TSA is about $20K per year. If both of them are doing the max, that is $40K. That $40K contribution would be added back in as income on your FAFSA (and Profile schools do the same). SO…look at your family AGI (adjusted gross income) and then add in the retirement allotments for the year as well. That would be the total “income” for your parents. Just how high is that?</p>
<p>And more important…how much are your parents willing to pay for each year you are in college?</p>