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Question: I will soon have three kids in college at the same time. I've set aside some money for college education, but not enough.
I'm figuring I'll have to tap my 401(k) at work, but am unsure how much I can take out and how best to do it. Any advice? - Rick, Naperville, Illinois
Answer: I'm not at all surprised that you were unable to set aside enough money to pay three college tuitions simultaneously. With the annual cost of tuition, fees, room and board running just under $13,000 a year at a four-year public university and a bit more than $30,000 at a private college, you'd have to be earning some mighty big bucks to be able to save for retirement (which, in my opinion, should be the first priority) and sock away enough to foot the bill for your kids' foray into the hallowed halls of academe.
All of which is to say that I think lots of parents find themselves in your position: a bit of cash stashed away for education, some money in a 401(k) and a natural tendency to want to do all they can financially to make sure their kids get the best education possible.
So let's take a look at what your options are. I'll start with what you're most interested in - tapping your 401(k) - even though I don't think that's necessarily the best way to go.
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