The company says it is introducing the planner in coordination with Annual College Savings Day, May 29. The solution features a college savings calculator, which, according to a press release, contains a number of variables that are controlled by the user, including:
- number of years until college
- rate of college inflation
- hypothetical rate of return on investments
- amount of savings to start
- amount to be saved on a routine basis—such as monthly, quarterly, or annually; or lump sum contribution.
The savings plan can be tailored to specific schools or based on average costs for two- and four-year colleges. Annual costs include estimated tuition, room and board, books and fees, and the planner can build individual college savings plans for up to five children per family, according to The Hartford.
Users may also choose two types of reports that may be combined. One is a simple price tag with school name and child name, with the total cost-of-college dollar amount. The second report provides a breakout of costs by child plus a consolidated family view of education costs, savings options, and final amounts needed to educate all the children in the family.
The SMART529 Education Planner is available at:
- www.HartfordInvestor.com or www.SMART529Select.com for the general public;
- www.SMART529.com for West Virginia residents
- www.HartfordFinancialProfessional.com for financial advisers.