Should You Tap Retirement Savings to Fund College?
There are three things to consider before dipping into retirement savings to pay for college.
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Maybe your middle schooler is already hip to saving. Many kids this age do chores and earn allowances, perhaps putting part of what they earn into a savings account for college....
Estimate the maximum contribution amount for a Self-Employed 401(k), SIMPLE IRA, or SEP.
Understand the concepts of horizon, compounding, and risk tolerance, and create an investment plan.