Comments on: How will my retirement savings affect my ability to get financial aid for grad school? http://www.talkaboutretirement.net/uncategorized/how-will-my-retirement-savings-affect-my-ability-to-get-financial-aid-for-grad-school/ Issues concerns retirement and retired living Sat, 11 Feb 2012 21:47:54 +0000 http://wordpress.org/?v=2.6.3 By: roginad http://www.talkaboutretirement.net/uncategorized/how-will-my-retirement-savings-affect-my-ability-to-get-financial-aid-for-grad-school/#comment-22 roginad Thu, 15 Jan 2009 00:58:57 +0000 http://www.talkaboutretirement.net/credit/how-will-my-retirement-savings-affect-my-ability-to-get-financial-aid-for-grad-school/#comment-22 Retirement saving is a liquid asset. I would recommend to ask your school financial aid department or call State and Federal Departments to have a certain answer. In any case, keep your retirement assets because the cost (penalties and taxes) for earlier withdraw may be on the level of the assistance you are looking for. Retirement saving is a liquid asset. I would recommend to ask your school financial aid department or call State and Federal Departments to have a certain answer. In any case, keep your retirement assets because the cost (penalties and taxes) for earlier withdraw may be on the level of the assistance you are looking for.

]]> By: Tracker http://www.talkaboutretirement.net/uncategorized/how-will-my-retirement-savings-affect-my-ability-to-get-financial-aid-for-grad-school/#comment-21 Tracker Tue, 13 Jan 2009 21:44:56 +0000 http://www.talkaboutretirement.net/credit/how-will-my-retirement-savings-affect-my-ability-to-get-financial-aid-for-grad-school/#comment-21 Retirement accounts are *NOT* considered liquid assets. The definition of a liquid asset is something that you can quickly turn into cash without taking much, if any, loss. If you cash out your 401k or a retirement IRA before you are 59 and 1/2, the government is going to take 40% of it, period. This will not affect your ability to get financial aid. Now if you have something like, say a regular savings account with a large amount of money in it, or a money market fund, yeah, that could, if there's an income limit, prevent you from getting aid. Perhaps you need to contact the financial aid office and/or a broker and ask them about the laws concerning this just to be sure. Retirement accounts are *NOT* considered liquid assets. The definition of a liquid asset is something that you can quickly turn into cash without taking much, if any, loss. If you cash out your 401k or a retirement IRA before you are 59 and 1/2, the government is going to take 40% of it, period.

This will not affect your ability to get financial aid. Now if you have something like, say a regular savings account with a large amount of money in it, or a money market fund, yeah, that could, if there’s an income limit, prevent you from getting aid. Perhaps you need to contact the financial aid office and/or a broker and ask them about the laws concerning this just to be sure.

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