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Reply to "Need advice on how to save for college - financially dumb parents and tricky situation"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]NP here. I am using the 401K to save for DD. I will be become 59.5 in her soph. year. When DD was a baby and I came up with a strategy, I realized that 401K is not considered an asset from a financial aid perspective...Plus, 401K is tax deferred on State and Fed, but not the 529. This is only an option for those that had kids late...[/quote] But won't ou need the money in the 401k to retire? Not to be snark, but if in the future you need money to live during your retirement, is not like you can borrow it… So, how are you going to make up for this money you are taking out of your retirement plan to pay for college? Unless you have other funds? Such as investment properties, inheritance, etc? But wouldn't those defeat the purpose of nothing having assists to qualify for financial aid?[/quote] Instead of 10K in retirement and 5K in a 529, I put 15K in retirement. Is it that hard to figure out?[/quote]
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