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Creating a College and Retirement Savings StrategyVideo

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Transcript Browser Title: Video transcript: Creating a College and Retirement Savings Strategy

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Video Id: 5352816631001

Audio Description Video Id: 5352816631001

Length (seconds): 221

Transcript: <p><b>The Balancing Act | Planning for College, Retirement &amp; Everything Else</b></p> <p><b>Description: </b>The scene opens with a panoramic view of New York City as music plays in the background.</p> <p>On Screen: Chase Private Client Presents. The Balancing Act. Planning for College, Retirement &amp; Everything Else. Disclosure: <b>INVESTMENT AND INSURANCE PRODUCTS ARE: NOT FDIC INSURED, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES, SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.</b></p> <p><b>On Screen:</b> Stephen Baron. Executive Director, Chase Private Client</p> <p><b>Stephen Baron: </b>Good evening. My name is Stephen Baron. I’m very excited to be here with each and everyone one of you here tonight. On behalf of all of J.P. Morgan Chase, we really appreciate you spending time with us this evening.</p> <p><b>On Screen:</b> Katherine Roy. Chief Retirement Strategist, J.P.Morgan</p> <p><b>Katherine Roy:</b> I think as people grapple with how to best save for two really important goals, and that's educating their children in college but also saving for their own retirements. I think what people are most interested in hearing about are the practical strategies for how to do that. The most powerful thing that can help you in both is long-term compounding. So the earlier you save, the sooner you save and the more you invest to that savings, the better your outcome is going to be whether it’s college or retirement.</p> <p><b>Katherine Roy:</b> During the safety briefing at the beginning of every flight, what do they tell you if you're sitting with a child or someone younger that you have to help them? Whose mask do you put on first? Your own. Putting it on yourself is going to put you in a much better position to be able to help your child. And, the same thing I think can be said for your own retirement. So make sure you’re doing the right things for your own future financial security. Then figure out how much you can do for your children because at the end of the day, you don't want during your retirements to ultimately turn around and be dependent upon them.</p> <p><b>On Screen: </b>Michael Conrath. 529 Program Director, J.P. Morgan Asset Management</p> <p><b>Mike Conrath:</b> Saving for college, saving for retirement, there are different goals and they have different numbers associated to each one of those. But, at the end of the day, the money is coming from the same pool of money that that family has so you need to look at both of those goals in tandem and that’s why it’s important to have<br> that plan.</p> <p><b>Mike Conrath:</b> One of the biggest first steps is figuring out what is my number? So, in other words, how much am I going to be on the hook paying for three kids, in my situation down the road?</p> <p><b>On Screen: </b>Sources: BLS, Consumer Price Index, J.P. Morgan Asset Management</p> <p><b>Mike Conrath:</b> We see college costs as the fastest growing expense that families have today. And, it doesn't look like that’s going to change much in the future necessarily. For the past three decades, tuition has increased over 700%. And, we hear a lot about how the student loan bubble keeps getting bigger and bigger. That is a problem. The<br> best way to get around that is to choose a right investment vehicle. And, as it relates to college funding 529 plans offer tax-deferred growth, tax-free distributions at the federal and the state tax level. When used to pay for those expenses, whether it’s tuition, fees, room and board, book, supplies and equipment, so great flexibility, great tax advantages as well.</p> <p><b>Katherine Roy: </b>For retirement, make sure you are taking advantage of the tax deferral opportunities available to you so whether that’s your company 401(k) or if you're a business owner, thinking about SEPS or Simples or other types of<br> accounts and getting greater tax-deferred growth over time.</p> <p><b>On Screen: </b>Peter Wall. Chief Market Strategist, Chase Private Client</p> <p><b>Peter Wall:</b> You're investing for the long term and for the long term as Katherine said time is your ally. Make sure you focus on all plans. Don’t neglect your own retirement but fund your children at the same time but stay invested, stay in the market.</p> <p><b>Stephen Baron: </b>We had a fantastic evening tonight at One World Observatory. Clients were very engaged, asking lots of questions. Today was really about education and learning what's out there and how they can be more effective at saving.</p> <p><b>On Screen:</b> John. Chase Private Client, Father of Two</p> <p><b>John, CPC Client: </b>I have 3 1/2 year old twins. So, saving for college education is a big concern for me and it's a double whammy because it’s happening at the same time. I think I leave the seminar today feel much more empowered about the balance between my investment in my own future and my children's future.</p> <p><b>Stephen Baron:</b> I think the next step for our clients is to go work with their Private Client Advisor, take<br> what they learned this evening from our great panel, and put it into practice.</p> <p><b>On Screen:</b> Chase Private Client. chase.com/privateclient</p> <p><b>On Screen:</b> Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.</p> <p>Asset allocation/diversification does not guarantee a profit or protect against a loss.</p> <p>This video and its content have been developed for J.P. Morgan Securities LLC clients and prospects, is for informational and educational purposes only and are designed to provide general market commentary and information relating to certain services offered by J.P. Morgan Securities LLC, an affiliate of JPMorgan Chase &amp; Co. Opinions expressed herein are those of Stephen Baron, Katherine Roy, Michael Conrath and Peter Wall and may differ from those of other J.P. Morgan employees and affiliates. The information in no way constitutes J.P. Morgan research and should not be trusted as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports. The views and strategies described herein may not be suitable for all investors and it is not intended to provide specific advice or recommendations for any individual. You should carefully consider your needs and objectives before making any decisions. This video and its content should not be relied upon in isolation for the purpose of making any investment decision and more complete information is available by contacting your Private Client Advisor.</p> <p>529 college savings plans charge their investors various fees and expenses. These charges can vary between plans, but may include account fees, one-time enrollment/annual maintenance fees, asset management fees, program management fees, and state administrative fees. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine if their home state offers a 529 Plan that may offer such favorable tax treatment and benefits to residents or beneficiaries of that state that may not be available to investors or beneficiaries of other states. Investors should consult their legal, tax or accounting advisor before investing in any 529 Plan or contact their state tax division for more information. JPMorgan Chase Bank, N.A. and its affiliates do not offer legal, tax or accounting advice.</p> <p>Tax-deferred growth means the individual delays paying Federal income tax on earnings until money is withdrawn from the retirement plan. Tax-free means free from Federal income tax.</p> <p>&quot;Chase Private Client&quot; is the brand name for a banking and investment product and service offering.</p> <p>Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.</p> <p>Certain bank managed advisory products and related services, such as custody services, are offered by JPMorgan Chase Bank, N.A. and its affiliates. These assets are segregated by law and are not subject to FDIC or SIPC coverage. Other investment products and services are offered through<b> J.P. Morgan Securities LLC </b>(JPMS), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMS and CIA are affiliates of JPMorgan Chase Bank, N.A. Products not available in all states.</p> <p>®2017 JPMorgan Chase &amp; Co.<br> </p>

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