Wealth Wednesday: Should You Use an old 401k Plan to Pay For College?
College PlanningWe recently received a question from a listener. Jim asked, “I recently changed jobs and have a retirement plan from my former employer. I want to use part of that money to pay for my son’s college expenses. What is the best way to do that?” In this episode we talk about:
- The potential tax costs
- The right way and the wrong way to do this
- The longer term opportunity cost
- And whether or not this is a good idea