Retirement funds tapped for kids' tuition
WASHINGTON (CNNMoney.com) -- Nearly a quarter of the nation's parents saving for their children's college education intend to raid their own retirement accounts, despite increasing their tax liability, according to a new study released Tuesday.
The results of the survey, conducted by student loan provider Sallie Mae and the Gallup organization, surprised personal finance experts - especially considering other options, such as 529 college savings plans, that can grow and be spent on college education tax free.
Some 24% of parents said they planned to save for college by dipping into retirement accounts, such as 401(k)s, IRAs and pension plans. The same percentage, 24%, said they plan to use 529 accounts
