529 Plan vs. Roth IRA

[Brian Armstrong]

I'm not sure if this is the right forum category for this question, but it seemed most appropriate.

I'd like to start a college savings plan for my son and I'm curious if a 529 plan or a ROTH IRA is a better choice. I know there are different advantages and disadvantages to both, but any input would be greatly appreciated.

I do anticipate my son will go to college. I am also planning to have enough rental property in time to not need the money from either of these plans, but it seems like it wouldn't hurt to have more than one option.

Thanks in advance BP community.

[James Park]

mike,

I think brian is asking if he can use the funds in his Roth Ira account to pay for his son's college education. 

According to the irs publication it appears that you can use your Roth Ira funds for your son'sson's education expenses without incurring the 10% penalty for withdrawing before you are 59.5. This applies to all Ira accounts.

Brian, I don't personally have a 529 plan for my children but I am very involved in growing my Ira portfolio and maybe a good alternative.