View in: Desktop
Copyright @2024 TigerDroppings.com. All rights reserved.
- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Posted by
Message
Best Education Saving Option
Posted by chuckitdeep on 12/28/13 at 3:35 pm00
Money Gurus please help:
My wife and I are expecting our first child. I am wanting to begin saving for his education. Would an IRA would be a feasible option? Roth or Traditional? I was reading that money can be taken out of an IRA without penalty for education. I will also be retiring about the time he is 20 so was thinking if he got scholarships I could use it to supplement my retirement. I have a state pension for my retirement. TIA
My wife and I are expecting our first child. I am wanting to begin saving for his education. Would an IRA would be a feasible option? Roth or Traditional? I was reading that money can be taken out of an IRA without penalty for education. I will also be retiring about the time he is 20 so was thinking if he got scholarships I could use it to supplement my retirement. I have a state pension for my retirement. TIA
This post was edited on 12/28 at 3:36 pm
re: Best Education Saving OptionPosted by Sigma on 12/28/13 at 3:38 pm to chuckitdeep
What if he doesn't get scholarships? How will you fund retirement?
I suggest a 529 first, if not then an ESA.
I suggest a 529 first, if not then an ESA.
re: Best Education Saving OptionPosted by chuckitdeep on 12/28/13 at 3:53 pm to Sigma
I have a state pension that will be my retirement. I am trying to figure a way to save for his college and be tax friendly to me in case he does get scholarships.
re: Best Education Saving OptionPosted by Sigma on 12/28/13 at 4:31 pm to chuckitdeep
If you're confident that pension will still be around, a Roth makes sense. It depends on your expected lifestyle in retirement compared to the pension, and if that $$ will be enough. It wouldn't hurt to stick some in an education account just in case though.
re: Best Education Saving OptionPosted by chuckitdeep on 12/30/13 at 9:32 am to Sigma
Thanks I will look into that as well.
re: Best Education Saving OptionPosted by rjt on 12/30/13 at 1:17 pm to chuckitdeep
I would look at the Louisiana START Savings Account. It's LA's state sponsored 529. They match a portion of your contribution, depending on your income. And of course it's tax free for education. They use Vanguard Funds which I'm not crazy about but no other 529 is going to match your contributions.
Back to top
Follow TigerDroppings for LSU Football News