Planning for your child’s college doesn’t mean sacrificing the the retirement you deserve.
Why? 100% of you are going to retire at some point, but what percentage of your kids are going to go to college, 50%, 60%?? Who knows the real number, all we know is the last thing you want to do is save a ton of money for college before taking care of your retirement?
What if little Johnny wants to become a plumber, or worse a firefighter (we couldn’t’ resist, we still love our brothers and sisters on the FD side 😉)? There’s nothing wrong with that, but if you saved for college before your retirement you could be left with a huge college plan and no retirement, looking at potential penalties for not using the college plan for college.
When it comes to college savings, the 529 college plan is a great fit for first responders and their families. There are 2 types of 529 plans: the 529 savings plan and the 529 prepaid plan. Both are effective ways to save for college, but they are handled differently, with their own set of rules.
Starting a college fund is easy. There are tons of discount brokerage sites that will allow you to open up these accounts and best of all they’re usually free of management fees.
*Disclaimer – For more information about any of these college savings plans always refer to the one and only www.irs.gov for the most up to date rules and definitions.
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