parents who start family and career later

[entomom]

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Yes entomom, but I think the particular plan has to stipulate that college expenses are considered hardship…I’m not entirely certain that withdrawals for college are available in every plan.

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<p>[FinAid</a> | Saving for College | Retirement Plans](<a href=“http://www.finaid.org/savings/retirementplans.phtml]FinAid”>http://www.finaid.org/savings/retirementplans.phtml)</p>

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Penalty-free Withdrawals from Individual Retirement Plans</p>

<p>Normally, if you withdraw money from a traditional or Roth IRA before you reach age 59-1/2, you would pay a 10% early distribution penalty on the distribution, in addition to any regular income tax due. There is, however, an exception for distributions used to pay qualified higher education expenses. The portion of the distribution used for qualified higher education expenses is exempt from the 10% early distribution penalty. You will still pay income tax on the portion of the distribution that would otherwise have been subject to income tax. All this exception does is avoid the 10% additional tax on early IRA distributions. The qualified higher education expenses must be for you, your spouse, your children or your grandchildren. Qualified higher education expenses include tuition, fees, books, supplies and equipment, as well as room and board if the student is enrolled at least half time in a degree program.

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