Roth IRA vs 529 Plan
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How about Roth IRA in the child's name
A lil late but if i wanted to open an account for my son to use for either college or trade school or whatever once 18yrs old and not have it affect his financial aid benefits if school is his choice, should the account or accounts be in my name and just pull out the initial investments sum and keep the capital gains in the account for possible further gains?
Very helpful. Thank you.
I have a private language institute and last week a family came and said
they cannot take our class unless we will take the 529plan.
The plan is for them not us, isn't?
Is it worth trying both Roth and 529 even though I can not fully contribute $5500(or $6000) yearly for Roth IRA?
Hello,
Wanted to ask what type of camera and lens are you using for this video. The clarity is great. Thanks.
You mentioned that you cn take out a roth at any time. I thought that you can only take out the contribution amount after 5 yrs?
i dont understand. Roth IRA for your child or for yourself? you should be clear from the beginning .
and if for the child, how the hell can a child put money into a roth ira without earned income?
and if for yourself, why the hell would a financial planner tell you to use a Roth IRA to fund your child's education instead of using the money for retirement? sounds hacky.
again.. i can't understand this video because there is no clarity in what you are saying.
Does financial aid require you to have $0 income? If so, how can you have earned income to open a ROTH IRA?
Great video and thank you. One question I have. Lets say my son chooses to go to college. I have a roth IRA and I want to pull out $10k to help him with his education expenses. I’m 45 lets say, if I pull the $10k to help him will I get a penalty for doing that? Since Im not at least 59 and a half yet.
Nice video. But can you open the ROTH for your new born who has no income. Or is that money coming out of your ROTh going towards school?
Helpful, thank you!
Hello! We are thinking to open an education savings account for our daughter, so far we have seen 3 options, ESA, 529 and IRA two of them are for education only and one is for retirement that can be used for education as well, the question I have is if we can move the money to another country, we are from Mexico (our daughter was born in the US) but we may move in the future, for that reason we are not sure if our daughter will study in the US, Mexico, Europe or somewhere else, so, before we open any account we want to make sure the money can be moved if is necessary. Thanks.
So stupid question, do I set up the ROTH in mine or my child’s name?
Thank you, this is the best comparison video I've watched for these products.
I heard that if a kid has a 529, scholarship is turned away bc of the 529 fund they have. Is that true? Can some answer this for me?
Great video thank you! Would the Roth IRA be under the parents name? So the Roth IRA would serve as the parents retirement as well as their child’s educational purposes?
This was helpful, thank you!
I'm in PA and we have a guaranteed 529 savings plan in addition to the investment plan. Can you talk about the guaranteed plan?
I would do a 529 for my kid asap, then a Roth for the kid when they generate income during teenager yr from part time job. This way you don't have to tap into your own Roth acct. You would loose the power of compound interest if you tap into your Roth acct. It's ok to tap into the kids Roth if your really need to, they still have their whole life ahead to contribute.
Hi, I have a question! You say that using a Roth IRA is a good choice because of its tax advantages. However, when I have a normal investment account, my profits will only be taxed at 15%. A Roth IRA means my profits will be taxed at ordinary income levels, which is often 22% or higher, not to mention state taxes. For that reason, doesn't it make more sense to use a normal investment account?
WTF! Don't forget 59 1/2 rule!
if my boy decided to go to another university outside Florida, then what happens? how can I use the money at this point? in this case which plan is
better the 529 saving or just the prepaid plan or NY 529 ? thank you
Can you roll your 529 contributions over to a Roth IRA? My state does a lot of matching and provides a $500 grant for an initial contribution so there’s a lot of extra money to be captured but it’d be nice to be able to help the kids out with their wedding or a down payment on a house if they decide not to go to college or don’t use all of the funds.
Do you have any videos about UTMA accounts ?
One of the better videos I have seen on IRA vs. 529 including ones from celebrity financial planners! Great points on flexibility and you even got the % that will be impacted under parental assets on the FAFSA. One point you missed 99% of financial planners do- is when you spend down the 529, how does that amount impact financial aid for the student the NEXT year? THIS is where most planners get it wrong and this can really make your college funding plan into a 25-year nightmare!