In the news: How You Can Use Leftover Savings in College Accounts


Author: Erin Voisin 

We talk to our clients so much about being prepared for retirement, and that often means being able to pay for their children’s education. But if you have saved for Stanford and your kid gets a full athletic scholarship, you could have a lot of investable assets left over in your college savings accounts.

Since it’s September and kids are back in college, CNBC’s Kelli Grant recently interviewed me about what your options are in that situation. I’d recommend reading the whole article, but here’s a quote about what to consider if you do have extra money in a college savings account:

Then think about whether the funds could be used for other family members — to cover a younger child's college costs, for example, said certified financial planner Erin Durkin, Director of Financial Planning for EP Wealth Advisors in Torrance, California. Keep in mind that you can change the beneficiary to yourself, too.

"I've asked parents, would you ever consider going back to school?" said Durkin. One of her clients recently decided to use 529 leftovers after retirement to take classes for a second career.

If you have more questions about saving for college, you can check out our College Planning webinar from a few weeks ago. And if you need someone to help you, feel free to contact an EP Wealth Advisor.

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