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

The Military Money Manual Podcast

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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:

1. Transfer your GI bill as soon as you can
2. Evaluate which benefits are tied to an individual and which can be transferred around
3. Look for scholarships
4. Consider a 529 for your children after your basic needs are met
5. Research Yellow Ribbon program options
6. 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 [e-mail].

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