Using A Roth IRA Could Hurt You In Future

08 Dec Using A Roth IRA Could Hurt You In Future

Today’s article discusses the benefits and downsides to a Roth IRA for college savings. Here’s what they had to say, “For the first year of college, a Roth IRA will likely be better for financial aid purposes than something like a 529 plan. That’s because none of your Roth IRA assets will be considered as part of your Expected Family Contribution on the FAFSA application. But if you withdraw money from your Roth IRA to pay for college expenses (or anything else for that matter), the full amount of that withdrawal will be considered income on the next year’s FAFSA application and that will hurt your financial aid eligibility for that year.” To read more, CLICK HERE.