Savings Bonds can provide tax free interest, if the proceeds are used for qualified education expenses while your child is at college. If you're retiring from the military and starting a second career, that tax benefit could disappear.
Let's say you've invested successfully to pay for "Junior's" college. But, you're staring at a big tax bill if you sell the assets to pay for tuition. Is there another option?
A lot of active and retired Senior Military Officers and NCOs are fortunate in that we have the GI Bill to help pay for college for the "kids". It may not be enough. If your considering using student loans to help pay for school, here are four considerations
After you retire from the military, there is a pretty good chance you'll be subject to state income tax. In many cases, you can reduce your state income taxes by effectively using 529 plans.
You have GI Bill benefits to transfer to your kids and you've saved money in a 529 Plan for college expenses as well. But when should you use the different funding sources? Let's see...
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