Can I Use a Roth IRA to Pay for College?
Whether you have children or grandchildren who are looking to receive a college education in the future, you’ll be considering the ways in which you can effectively and efficiently put money aside to help them pay for college. You can do this in several ways, including utilizing your Roth IRA or setting up a 529 college savings plan. What is a Roth IRA? Before discussing the effectiveness of using a Roth IRA as a means to pay for college, it’s important first to identify exactly what it is. For those who aren’t familiar with this term, a Roth IRA is a type of retirement account that’s tax-free. Any withdrawals made from it when you hit retirement age are also tax-free. … Read more
