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Using retirement savings to fund your kid's college education is a decision fraught with long-term consequences. "Retirement accounts are designed to provide financial security in your later years
Once you've taken care of more pressing financial priorities, you can start putting money toward your child's college fund. franckreporter / Getty Images. Option 1: Education Savings Account.
Say you made saving for your kids’ college education a priority, but then grandma swoops in and pays for everything. ... A 529 plan is a tax-advantaged savings plan designed to help parents or ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Since 2018, Morningstar has named Virginia's Invest529 plan among the top 529 college savings plans in its annual analysis. [2] [3] [4] According to U.S. News & World Report, Virginia's 529 offers a "whopping" 27 funds and six multi-fund options in its static track. Further, US News reports that "Morningstar applauds the plan’s low costs ...
Parents and students use personal savings or investments to fund a college education. In fact, 37% of parents and 39% of students turned to their own savings in 2021 for all or part of their ...
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