You are never too old to learn something new, and that means you even can go back to college if you’re interested in furthering your education during retirement.
In fact, by contributing to a 529 college savings plan, you can grow your earnings tax-deferred and then use your qualified distributions to make tax-free tuition payments to an accredited college once you retire – there is no beneficiary age limit. However, be sure to work with a qualified financial professional if you are considering doing this to make sure the allocations within the plan are in line with your retirement strategy. Or, consider applying for permission to audit courses at a local college to expand your horizons and mingle with young, inquisitive minds.
Retirees also may wish to explore lower-cost education options online, such as the wide variety of courses available at MasterClass, www.masterclass.com.