Help, please! CSS Retirement plan

Financial Aid & Scholarships
#1

So, I am filling out the CSS profile and not sure how to answer for the following requirement: “Current value of tax-deferred and after-tax retirement, pension, annuity, and savings plans such as an IRA, Roth IRA, Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501©*”

What should I include here?

I am confused by “savings plans such as an IRA, Roth IRA, Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501©*” - we don’t have any of these plans
Both of my parents have an employer-sponsored retirement plan - that’s what it’s called a pension (and I’m not sure if it’s deferred tax and after-tax retirement). I assume that “current value” means the total amount of money invested in a retirement plan, for example, if my mother has $ 400 in her retirement plan, should I put $ 400 in there?

I’d really appreciate some help with the thing

#2

Your parents should get statements showing how much the account is worth- if they don’t, they can ask their HR rep at work how to look it up. And yes- current value means how much money is in there.

#3

While many don’t, some colleges do expect you to tap into qualified retirement accounts to help fund your college education. You probably should ask the college FA office how they’d treat retirement accounts, particularly pensions. Unlike retirement savings plans (such as IRA, 401k), pensions are typically not fully funded. They’re just employers’ liabilities, or a form of IOUs. You usually can’t go to your employer and ask for their redemptions, even if you’re willing to take the tax consequences (unlike the savings plans).

#4

Please name the colleges you know that expect parents to tap into qualified retirement accounts to help fund their child’s college education.

#5

The easiest way to get the right numbers would be to access your parents’ plans online. Even if they never use this option, it is available for all plans I am aware of. It may require registering, security verification, etc. but it would still be easier than asking HR.