Believe it or not, we’re already in “back to school” season. And to continue our recent series of posts on paying for college, today’s covers a question I’m sure will resonate with many readers:
Should you raid your 401k to pay for your kids’ college?
There are a lot of moving parts to this question. First, can you even get money out of your 401k to pay for college costs? Are there early withdrawal penalties for doing so? And aside from the logistics, is it even a good idea to? This post will cover whether it’s possible…and whether you should.