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In this video, I’m talking about the Roth IRA for college, should you use it or not? Is the Roth IRA worth using to save for college expenses? I’m going through the pros and cons of saving for college using the Roth IRA.
#rothira #collegesavings #eductionplanning
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Hi! Thanks you for going into depth on this. So I can pull out more than what my tuition is out of my Roth IRA without any penalties because it is for college planning? I was planning to only take out what I put in and not the growth portion. Also, where do I explain that what I withdrew was for college planning to avoid any penalties? Thank you
My wife and I have 2 kids right now. 3 and 6. We were planning to open a custodial account for college. These accounts will affect any fafsa help they might receive. Is it more beneficial to use our Roths account for college?
Does the roth ira need to be in my child's name or can it be in my name if I plan on paying my kids way through college?
Why not use a Traditional IRA to pay the tuition? I mean that money goes in tax free from your employer. Why not pay with tax free money? Or does this only apply to Roths?
Thanks man. You explained this perfectly. This subject was giving me major anxiety. I know what to do now.
You omitted that for Roth IRA if you under 59 1/2 but had the fund for more than 5 years you can withdraw the growth portion tax free for education purposes also.
I am 100% against 529's. Saving for college is best done in your 401K, IRA or ROTH. Which one simply depends on what your employer offers and your tax bracket. But college savers tend to be higher income earners, and that generally means 401K or IRA. You can withdraw money from any of these for college without penalty. You don't need an special account, and your kid may or may not go to college. And if choose to pursue a worthless degree, I would not fund them at all.
Omigoch