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Reply to "college financial aid"
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[quote=Anonymous][quote=Anonymous]FAFSA does not ask about retirement accounts. CSS (used by many private schools) does ask for these numbers. Students are expected to spend down a higher proportion of their assets then parents. But generally kids who need financial aid for college will need to use their summer earnings for spending money, books, etc. They can't fund an IRA at age 15.[/quote] ^ this- it doesn’t make any sense to ask a university for a handout and then have your kid start funding their retirement from a high school summer job. If you don’t expect aid and are wealthy, you should fund your kids Roth IRA when the amount they earned from their summer job.[/quote]
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