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Financial Planning / Paying For College


Subject:  Re: Coverdell contribution limit Date:  8/17/2012  9:41 AM
Author:  WotPeed Number:  7977 of 8314

Not sure what you mean by "use it" but definitely fully fund Roths(to your eligibility) for you and your wife first. It's like the Certs of account(2 purposes in one). If you have ample funds for retirement, using this for college is a possibility.

By "use it" I meant pull out some of the money that's been contributed to the Roth IRA to pay for some education expenses. As you say it depends on how well situated we are for retirement.

About Coverdells - this is my opinion having watched this from the beginning. It could easily go back to the lower limit. However, if you put $2K in this year and can only put $500 in going forward, there's really no harm no foul. The money is there. I always liked the flexibility in investing