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Saving for college and retirement
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As another school year sets in, you may be thinking about the day in which you’ll be sending your children off to college. Can you afford to help them pay for school while still saving for your own retirement?
There are many strategies to explore when saving for your retirement and your child’s education. To implement the right mix of options, it’s important to discuss your situation with a professional financial advisor, but here are some options to consider:
 • Contribute to your 401(k). Since many people don’t have unlimited funds available to save for retirement and college, it’s important to get the most mileage possible from the money invested. Try to utilize the tax-advantaged retirement accounts available to you. For starters, contribute as much as you can afford to your 401(k) or other employer-sponsored retirement plan. Not only can your earnings grow on a tax-deferred basis, but your contributions are generally made with pretax dollars, so the more you contribute, the lower your annual taxable income – which, in turn, could give you more disposable income to invest for college. In 2010, you can contribute up to $16,500 to your 401(k), or $22,000 if you’re 50 or older.
 • Fund your IRA. Depending on your income level, your contributions to a traditional IRA may also lower your taxable income, again potentially freeing up resources for college. Plus, your earnings can grow tax deferred. If you qualify for a Roth IRA, your contributions are not tax-deductible, but your earnings grow tax free. Withdrawals are also tax-free, provided you’ve held your account at least five years and you don’t start taking withdrawals until you’re at least age 59½. Also, you can withdraw Roth IRA contributions without paying taxes (since you’ve already been taxed on this money), so you could use these funds, if necessary, to help pay for college costs, although ideally you’d like to leave your account untouched until you retire. If eligible, you can contribute up to $5,000 to your traditional or Roth IRA in 2010, or $6,000 if you’re 50 or older.
 • Open a 529 college savings plan. Contributions to a 529 plan are made with after-tax dollars. However, when you contribute to a 529 plan, your earnings grow tax free. Withdrawals are also tax-free, provided they are used for qualified higher education expenses. Furthermore, 529 plan contributions may be eligible for a state tax deduction or credit in certain states for residents who participate in their own state’s plan. Also, the lifetime contribution limits for 529 plans are quite generous, and you can gift $13,000 per year, per beneficiary, without incurring gift taxes. To make sure you understand the tax ramifications of a 529 plan, you’ll want to consult with your tax advisor.
It may not be easy to put away as much as we’d like for retirement and college. But you do have some attractive savings and investment options.

This article was submitted by Evans, a Richmond Hill financial advisor on behalf of Edward Jones.

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Record April boosts Savannah's container trade at port
GardenCityTerminal
The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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