7. You should fund college
Parents who are looking to invest in their child’s future education might want to take into consideration a 529 college savings plan. This plan is similar to Roth IRAs: you contribute after-tax money and your dollars grow tax-free. Of course, as long as you use the amount of money for education, you won’t owe taxes.
According to Maurer, “you cannot put your long-term financial security at risk for the sake of your children’s college…if all of the other boxes are checked for long-term retirement planning, then, by all means, utilize a 529 savings plan.”
