Reported about 1 month ago
A Roth IRA can be utilized to fund college expenses as it allows penalty-free withdrawals of contributions and potentially earnings for qualified education costs; however, families should weigh its pros and cons, especially the impact on retirement savings and financial aid eligibility. Additionally, starting in 2024, families may convert unused 529 plan funds to a Roth IRA, providing further options for education savings. Considering both Roth IRAs and 529 plans can help determine the best fit for your financial circumstances.
Source: YAHOO