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College and University Discussion
Reply to "Best strategy to pay college for 3 kids"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Option #1, don’t borrow against retirement.[/quote] Thank you for responding. My point was even we pay interest it is to ourselves but he is 63 and too close to retirement age to borrow from 401k.[/quote] OMG, so glad you shared this info about his age. We are in a similar situation and have done both over the years. When mortgage rates were very low, we refinanced the rental and our home and took out $$$$$$. Then we had major unexpected rental home repairs and took the money from TSP and 401k. Since your husband is over 59, he can withdraw from IRA without penalty. Just be sure to get your taxes done correctly. Some institutions withhold 10% for taxes but that will not cover state and federal. You should keep contributing to 529. [/quote]
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