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Marino On Money: Saving for College

It's about that time of year for thousands of teenagers and their parents to adjust to life at college. But there are also lots of parents out there with young kids who haven't prepared for the same day, years down the road. Tonight, certified financial planner Ross Marino has tips on how to start saving for college.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees.


Ross Marino is...

As a fee-only financial advisor, I work with parents in assisting them with their savings for both college for their children and their own retirement. Ross is missing one important point, in my opinion. Parents are under no obligation to fund their child/children's college education. In light of today's economic conditions, it far more important to save for retirement first...then worry about your child's college education. After can borrow money for college...but you cannot borrow for retirement.

Another option available for parents is to use their contributions to a Roth IRA, if they have one, for college costs. Just don't withdraw any of the earnings. The contributions can be withdrawn at any time tax and penalty free...but not the earnings.

I have the utmost in respect for please do not miscontrue my comment as being critical of Ross. He is a very successful financial planner.