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Craig Lundquist, MBA, ChFC®, CRPC®

Wealth Management Advisor

 

LPL Financial

Located at Ideal Credit Union

8499 Tamarack Rd., Woodbury, MN 55125

 

Phone:  651-773-2757

 

Email: craig.lundquist@lpl.com

Spring 2022

Balance Saving for College and Retirement

Balance Saving for College and Retirement

When it comes to choosing between saving for a child’s college education or saving for retirement, which one should be the priority? The usual recommendation is to put aside money for retirement first. Here are several things to consider.


How Much Have You Saved?
If you already have significant retirement savings, you may be able to direct more money toward saving for your children’s college expenses. However, make sure you’re still contributing enough to your company’s retirement plan to take advantage of employer matching funds.


Contribute to a 529 Plan
A 529 plan allows you to make after-tax contributions to an investment account on behalf of a designated beneficiary. Withdrawals are tax free if they’re used to pay qualified education expenses, including tuition, room and board, fees, books, and supplies.


Open a Roth IRA
A Roth IRA can do double duty as a college fund. You won’t pay a penalty on earnings you withdraw to pay qualified higher education expenses if the account has been open for five years or longer.


Other Payment Options
There are a variety of ways to pay for college, including financial aid, loans, and work study. In addition, many organizations offer scholarships to students whose interests align with their mission. Start early. Work with your school’s counselor throughout high school to learn how to qualify for aid.

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