How to Pay for Education Expenses

A listener asks:"We've been saving for college for our three kids age 7, 9, and 12 for several years using 529 plans that are time to our kids' high school graduation. Up until now we thought we were doing well. This past year we had a great year and saved almost $60,000 for college, and also put away some for retirement. But now, we're thinking about switching to a private school that would cost almost as much for all our kids as what we saved last year. And we're probably not saving enough as it is to be able to afford the most expensive colleges. What should we do? Should we consider getting more aggressive with out allocation to try to warn more return? Should we forget IRA contributions and focus more on college 529s?"First of all, thanks for tuning in!! Below are the topics discussed in the video:Congrats on saving so much last year! Obviously, education is an important goal for you. You will be paying for this now and in the future. Recognize that it's an expense. Don't get too caught up in the accounts, savings, and logistics. First and foremost, it's a large expense that will come from savings and salaries. Contribute to your 529 for state tax savings, depending on your state. If you are not contributing for the future, you can still run current expenses through the 529 (contribute and take back out). If you are confident that you will spend your 529 for college, leave it invested in there. Tune in to hear more!Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/