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Part 1: Save For College: The Truth About School Funding – (328 Words)
Part 2: Save For College: How To Figure Out The Cost – (323 Words)
Part 3: Save For College: Finding The Right Savings Plan – (335 Words)
Part 4: Save For College: Your Retirement Account Or College Savings Plan? – (358 Words)
Part 5: Save For College: Steps To Savings – (328 Words)
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One of the things that makes life so challenging is just how much you have to do in a limited amount of time. There is no doubt that both your retirement fund, as well as your child’s educational fund is important. But, shouldn’t you just be forking over all you can to save up for the day you retire? Should you invest in your child’s education and then worry about your retirement after that expense has been handled? Choices and decisions like these are not easy and for each person the answer is different. But, in this case, it may not even need an answer.
That is because most of those that invest in college education will be doing it along side their retirement fund. In all actuality, you do not need to invest in two separate funds. Rather, why not invest in just one and use what is needed for college when college happens? This is easy to do in most funding solutions, but can be tricky when you are considering 529 College Savings Plans. Yet, there may still be an answer here.
For example, if you were investing in your 401K plan for your retirement, you may be able to use that fund for your child’s education plan as well. Most 401K plans allow you to withdraw funds during the plan that are not subject to penalties or fees because you are withdrawing them to use them to pay for college education. This is one of the small loopholes that can help you considerably to meet both of your goals. Other savings vehicles provide the same type of benefits to those that are looking for them.
No matter what type of savings is the right way to go for you, the bottom line is that you should be making your retirement and your college savings funds at the same time. This way, both are working towards their goals. In fact, making tem just one single investment may be the best decision that you make.Other Details
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