Wife and I just had a newborn. Never too early to start thinking about paying for college so I looked into my work 401k. I have a Megabackdoor Roth IRA option at work. My state gives no deduction for 529 plans.
I'm leaning toward using the Megabackdoor to pay for college because of flexibility. If the time comes we can cashflow college awesome. I can just let the money sit in the Roth for retirement vs 529 I'd have to use it.
My wife and I have quite a bit of space in our retirement accounts (401ks, backdoor roth, money purchase pension plan, and defined benefit plan) where we don't necessarily need to use the Megabackdoor Roth space for retirement.
Any thoughts or glaring holes in the plan?
I'm leaning toward using the Megabackdoor to pay for college because of flexibility. If the time comes we can cashflow college awesome. I can just let the money sit in the Roth for retirement vs 529 I'd have to use it.
My wife and I have quite a bit of space in our retirement accounts (401ks, backdoor roth, money purchase pension plan, and defined benefit plan) where we don't necessarily need to use the Megabackdoor Roth space for retirement.
Any thoughts or glaring holes in the plan?
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