Back-to-school season is upon us, which serves as a great reminder to consider how you can help your children or grandchildren fund their higher education.
There are two popular options: a 529 plan or a Roth IRA.
529 plans are a well-known option designed specifically for this purpose. Distributions from a 529 plan can be used to cover the cost of attendance at a public, private or religious K-12 school in addition to higher education. However, a Roth IRA can provide more flexibility, allowing you to earmark as much or as little as you want for higher education expenses.
To learn which of these two options is best for you, click here to download “Planning to Save for Higher Education: Roth IRA vs. 529 Plan.”
For professional assistance with your education planning needs, contact our office to schedule a time for a visit.
P.S. Have unused funds in a 529 you’d like to move to a Roth? There are new options available now under SECURE 2.0, but some limits and fine print to navigate. Let’s discuss if this is of interest!
Copyright © 2024, Ed Slott and Company, LLC Reprinted from The Slott Report, with permission. Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.
Assured Concepts Group Ltd. is neither a broker-dealer nor an investment adviser. Securities and Variable Insurance products are offered through Purshe Kaplan Sterling Investments www.pksinvest.com, member FINRA/SIPC, www.finra.org, www.sipc.com. Advisory services provided through Assured Advisory Group, LLC, a Registered Investment Advisory Firm. Purshe Kaplan Sterling Investments is a full-service brokerage firm, operated primarily through independent registered representatives.
