Our first of three starts college next year. They are 3-4 years apart. We need to cover $35,000 per year for the next 4-12 years, and I don't know where to take the money from, in what order.
We have a 529 for the first kid (about $30K in there) and smaller ones for the other two (10K each.... sorry, kids!)
We could refinance our home (4% interest) and pay less each month WHILE including one 4 year tuition in the refinance - but then we are back to square one in terms of paying off our house. We do plan to sell the house in the next 15 years, and currently have lived in the house for 7 years (30 year mortgage).
We could stop saving for retirement - my husband has a state pension and we have plenty of other retirement money saved already (in TIAA/CREF funds), so we would be fine if we stopped pre-tax retirement contributions (except our tax rate would go up!).
I also have 70K in an inherited IRA and 40K in a Roth IRA.
I could take money from retirement accounts - those TIAA/CREF - I think!
Lastly, we could move out of our house and sell it or rent it out for for 4-12 years, my job would provide us with free housing which is not really perfect (we would miss our neighbors, I would have to work longer hours), but it would save us having to pay $4K a month... I would prefer to not do this, but it's a viable option.
I would love your advice.
