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They are still in their teens

I seem to recall you were also thinking about paying for college. College financial aid is different beast than tax planning. If you are retired and have low income, then your non-retirement assets are the main thing they will look at. Depending on the school, they may or may not look at retirement assets. So spending down your taxable assets could result in larger financial aid. If it is loans, you may not care, but some could be grants.

There are many calculators on the web where they will tell you your Expected Family Contribution (EFC). You can also find a financial planner who specializes in college financial aid. If your planner has not already talked to you about this, then he is probably not the right person.
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