May 13, 2024

GI Bill, 529s & Yellow Ribbon Program | "529s Aren't Just for College: It's Just Another Tax-Advantaged Vehicle" | College Planning for Military Families with Kate Horrell #124

36 minutes

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How to maximize your GI Bill, save using 529 accounts, and explore the Yellow Ribbon program? Kate Horrell tells us all about it in this episode where we discuss:

529s are more flexible than most people realize (transfer to other family member, transfer $35,000 to a Roth IRA, other uses than just college)
Scholarship awards allow you to take money out of the 529 (up to the amount of the scholarship)
No one's ever been mad about having too much money saved in a 529
In general, you can buy into a 529 from any state (doesn't have to be your state of legal residence or where you child may go to college one day)
529 Prepaid Plans are also available but not as good of a fit for most families
When might you have "enough" saved for college?
Yellow Ribbon program only applies to a semester where you're using GI Bill benefits. You can't use Yellow Ribbon benefits without using the GI Bill.

Remember, you can't be great at the big financial decisions like college if you've never done it before. Ways to prepare for college decisions:

Transfer your GI bill as soon as you can
Evaluate which benefits are tied to an individual and which can be transferred around
Look for scholarships
Consider a 529 for your children after your basic needs are met
Research Yellow Ribbon program options
Consider working with Kate for 1-on-1 coaching the maximize your college options

Links:

KateHorrell.com
Kate's Military Family's Confidently Prepared Life Binder
Yellow Ribbon program
Find a participating school for Yellow Ribbon program
Coaching with Kate Horrell

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If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

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By Spencer Reese from MilitaryMoneyManual.com

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