Saving For College

Should I Use My 401(k) Money To Pay My Child’s College Tuition?

Q:  To finish college, our son will need an additional $20,000 for his final two years. We are thinking of using some of our 401(k) money. My husband will be almost 60 by then, so no penalty. With our social security plus my husband’s pension, our income will be close to his present working income. …

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Should I Use My 401K to Pay for My College Tuition – Pros and Cons

You may have considered tapping in to your retirement fund if you were short on cash and needed access to funds after an emergency, or if you are going back to school and need funds to pay for your college tuition. It’s usually not a good idea to withdraw money from a 401k because the …

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529 plan

The 529 College Savings Plan Explained

One of my lucky readers just got $5,000 from a family member — not for her, but for her young daughter’s college education. Her question: what to do with it? My answer: Put it in a 529 Plan. A 529 Plan is a state-sponsored college savings program. In my opinion, these are hands-down the single …

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