Why I Use an Ira Specific for My Child’s College
When I decided to homeschool my son, I knew that it would be harder for him to get a scholarship, and for me to use a 528 account for his college education. I converted my 401K funds and a few savings bonds into an education ira. Education Ira’s advantages for me are that not only can I use the funds for my son’s college, but I can use some for his books and supplies for homeschool. The maximum per year is $2000, but that is more than enough per year, and left over for his college fund. Considering the economy, I am sure that by the time he gets into college, he will need the funds.
