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Question for the Money Doctors

Question submitted on Jul 12, 2013.

Question

Can I use my 401K to pay for my childs college education

Answer

There are many issues to look at. Here are some. First, are you over 59 1/2? Are there loan provisions? Your taxable income bracket? But I generally say do not forgo your retirement for kids education. See about stduent loans, work study etc. They have a long career to pay loans back, your window to retirement is much shorter. It is somewhat a complex issue with many twists. I suggest talking to a professional. Visit www.findacpapfs.org to find a CPA/PFS near you.


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