Hello,
39 soon to be 40 year old with 3 kids 9/3/1 year old, my question is regarding 529’s. I have a Roth IRA which I contribute the max for yearly as well as fund my wife’s Roth IRA. I was always under the assumption that this is my best move retirement wise , I have a pension that I can collect at age 58 as well.
My question is regarding 529’s is do people feel that they are beneficial in the sense of I would be pulling money from my personal Roth IRA at 59 to pay for any college related costs incurred by my 3 kids. The 529 seems beneficial but I’m worried about being tied to educational expenses where as I can use the Roth IRA for anything and pass them to my kids one day. I live in California so there are no tax advantages to a 529.
Thanks in advance , most of the information I’ve found has been for funding your kids Ira but nothing about using my personal Roth IRA to fund education. I’m also aware of the fact that my kids will be of college age before I’m 59 , my plan is co signing student loans that I would then pay in full when my Roth IRA is accessible.