<p>If a workplace does not offer a 401(k) there are other options available. Sometimes a SEP, SIMPLE or KEOUGH can be set up. Also there are individual annuity products that are available (usually from life insurance companies). All of these have their own limits and tricks, but they are out there. Some are only effective for high wage individuals, and some are only available to self-employed people.</p>
<p>In any case, each family needs to consider their overall long-term financial needs. Framing all of a family’s purchases and investments around the FAFSA can make for very poor financial planning. The projected cost of college is only one factor that we have to consider if our goals include buying a home, building a retirement fund, or just covering a set of new tires for the car.</p>