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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, June 10, 2006

Roth IRA for College Savings?

Many people do not consider a Roth IRA when they are saving for college. However, the Roth IRA is an excellent option. Once you have funded your 401k up to the company matching contribution, you should open a Roth IRA. Because it is a Roth IRA you can take out contributions at any time without penalty because you have already paid taxes on that income. Even better is that your can withdraw any earnings made within the Roth IRA without penalty as long as those funds are used for education.

Elligibility:
  • Married income under $160,000; if single income under $110,000.

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