The SECURE 2.0 Act, which was signed into law on Dec. 29, introduced a number of changes to retirement savings. One in particular is relevant to parents struggling with whether to save for college or retirement: SECURE 2.0 allows excess 529 funds to be rolled over to a Roth IRA tax- and penalty-free, beginning in 2024. This isn’t a blanket…
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With December almost here, it’s time to get on year-end tasks. If you’re among the many who want a year-end to do list, here goes!
“Use a Roth IRA instead of a 529,” many people will tell you. “It’s better for financial aid since it doesn’t count as an asset.” Some people will tell you the same about insurance policies, but those people are insurance salespeople who just want a commission. Deciding whether to use a Roth IRA is a little bit more complicated. Roth…
Now that you’ve done Step 1 and Step 2, what’s next to find scholarships? Step 3 is starting to build a spreadsheet of colleges that are likely to offer you scholarships so that you keep track of and meet application requirements and deadlines. If you don’t want to create your own, here is my college research spreadsheet. It includes columns…
Outside scholarships can be a great way to stretch your college budget. They can also be an exercise in frustration with countless applications yielding small dollars. Knowing the 5Ws and H of outside scholarships can make your search more rewarding. Let’s start with What is an outside scholarship. An outside scholarship is a scholarship offered by anyone other than the…