I have just learned about using ROTH IRA funds for education rather than a 529 in order not to avoid the savings counting against me on FAFSA and I have another question about that. Does it matter if the education is in another country? And, does a ROTH have the same education "requirements" in terms of needing to be a tertiary education institution? Are there any other requirements for using ROTH IRA for education?
I'm just wondering why that isn't promoted more instead of a 529? It seems to be a much more flexible way of saving for college since it's not savings that are required solely for education like a 529.
Is it because many are able to save enough for retirement to max out 401k and Roth IRA caps, so need the extra like option like a 529?
We currently max out the 401k (only my husband works for pay) and put $250 each into both Roths and $150 each into two 519 plans.
Wondering if we should nix the 529 saving until we are able to max out the Roth? Opinions? Advice??
Thanks.