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Using a Roth IRA cuts into retirement savings. If you use too much of your Roth IRA funds to cover higher education expenses, you may fall behind on retirement goals. Roth IRA accounts can lose money.
Here are the pros and cons of using a 529 or a Roth IRA to pay for college. ... “money contributed to a Roth IRA can be withdrawn tax-free and penalty-free if used for higher education expenses ...
Rolling 529 funds into a Roth IRA can give the beneficiary a head start on retirement savings, with benefits like tax-free growth, flexible investment options and no required minimum distributions ...
Finally, starting in 2024, families can roll unused 529 plan funds to a Roth IRA in the beneficiary’s name without triggering income taxes or penalties.This new rule, signed into law as part of ...
College can be expensive. Some pre-retirees may need additional dollars to fund education expenses. Luckily, if you have contributed to a Roth IRA, you can use your account to pay for college costs.
A 529 college savings plan can be a great way to help your future student cut down on student loan costs. Plus, these special savings plans provide some valuable tax benefits, making them ...
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