Funding your retirement and paying your child’s college education are two of the biggest financial challenges you’ll face in your life.

Conventional wisdom says that it’s best to (1) fund your retirement before your child’s college, and (2) use your retirement savings for your retirement and not your child’s college expenses.

The problem with conventional wisdom is that it’s like a general tax rule. There are exceptions. And you also face some complications, depending on how you and your child plan to pay for college.

One point of interest that you will like is that the tax code places no limits on what you can annually contribute to a Section 529 qualified tax-exempt tuition plan.1 This plan has to be one of the plans you consider as a means for paying your child’s college education. ... Log in to view full article.