Financial Aid And Retirement Savings, How To Balance The Three-Legged Stool of 529 Plans
Sallie Mae's 2018 How America Saves for College Survey shows 529 Plan contribution amounts nearly doubled between 2016 and 2018.
Preparing for the future is always a smart financial move. But, are you placing too much emphasis on saving for your child's future college education at the expense of your retirement savings? Understanding how 529 Plans and your student's financial aid award package impacts your retirement savings is key to making contributions that reduce dependence on student loans while ensuring a financially sound retirement. Here's what you should know to avoid allocating too much to a 529 Plan.