In today’s FinTips Video we cover a Roth IRA for kids college trick that we think you should know about! Maybe instead of using traditional college savings plans like the 529 or custodial account, you might consider using a Roth IRA

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As parents, we all want to provide our kids with the best education possible. However, with the rising cost of higher education, preparing for college can seem like a daunting task. One smart strategy for saving for college is the Secret Roth IRA for Kids College trick.

A Roth IRA is an individual retirement account that allows you to save for retirement while avoiding taxes on your earnings. However, most people don’t realize that Roth IRAs can also be used to save for college expenses. The Secret Roth IRA for Kids College trick involves opening a Roth IRA in your child’s name and contributing to it regularly.

Here’s how it works: When you contribute money to a Roth IRA, you don’t get a tax deduction. However, your money grows tax-free, and you can withdraw it tax-free as well. This means that if you contribute $5,500 per year to your child’s Roth IRA from the time they are born until they turn 18, they could potentially have over $200,000 saved for college by the time they are ready to attend.

The beauty of the Secret Roth IRA for Kids College trick is that you can withdraw the money at any time without penalty for qualified education expenses, such as tuition, books, and room and board. And if your child ends up not needing the money for college, they can keep the account and use it for retirement.

Another benefit of the Secret Roth IRA for Kids College trick is the impact it can have on financial aid. When applying for financial aid, the assets in a child’s name can count against them. However, when money is saved in a Roth IRA, it’s not counted as an asset on the Free Application for Federal Student Aid (FAFSA), which could increase your child’s eligibility for aid.

So if you’re looking for a smart strategy for saving for your child’s college education, consider the Secret Roth IRA for Kids College trick. By contributing regularly to a Roth IRA in your child’s name, you can potentially save hundreds of thousands of dollars in tax-free money for college expenses.