<p>My dad has a retirement plan with the government since he works for the state, but why does the CSS need that info if he can't even withdraw the money until he's 60? Same for my mom, she has a retirement fund that she created for herself, but she can't the money out until she's 60. </p>
<p>Also my dad has a "Tier-Two" and "Individual Account Program"
The tier two is for retirement after 60 ($2785), and the iap is for retirement at 55 ($20353), which should I list in that question?</p>
<p>Is that a lot? Would this shrink my FA package?</p>
<p>The profile asks the question about retirement accounts. There really isn’t any way to know if or how they use it. But it is speculated that the only reason this is asked is to see if excessive amounts of money have been contributed to retirement accounts. </p>
<p>Does the Net Price Calculator for your colleges ask for retirement info? If so, run the calculator both with and without the retirement balances and see if ther is a difference.</p>
<p>You don’t need to indicate what’s IN the retirement accounts, just what has been contributed over the year in question. The reason colleges want to know what has been contributed is because that money, theoretically, could have been available for college savings. In other words, you are correct: You can’t withdraw what’s already been allocated to a retirement account. But you CAN control what you put into it.</p>
<p>With regard to the question about your dad’s accounts: I assume those amounts are deposits this year? If that’s the case, you need to add them up and put them in as retirement contributions.</p>
<p>Oh ok, but the thing is, it’s not my dad that’s putting the money is, his work automatically includes retirement savings into his income.</p>
<p>The question is: Enter the total current value of this parent’s tax-deferred retirement, pension, annuity, and savings plans. Include IRA, SRA Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501(c) plans, etc. </p>
<p>Isn’t total value what’s in the fund now altogether?</p>
<p>Oh, yeah. Yes it does ask that. Duh. You’re right. You have to give that information for CSS. I forgot. Pay attention to what @thumper1 says. But I will add this: It doesn’t matter HOW the money got in there; it’s in there and it’s part of your parents’ assets. The gist of it is these schools want to know what your financial situation is so they can determine how to allocate aid.</p>
<p>do you know if I should include the IAP or the two-tier plan? </p>
<p>I believe that the difference is if my dad chooses to retire early (less money), or later (more money, more interest)</p>
<p>I don’t honestly know the answer, so I won’t pretend I do. My guess would be yes, on the assumption it falls under the category “tax-deferred retirement” account.</p>
<p>okay, I just decided to go with the cheaper one since I’m guessing this is not that important since my college’s net price calculator didn’t have a question regarding retirement.</p>
<p>Thanks so much absweetmarie and thumper1!</p>