A financial adviser has recommended to me using my IRA to save for my son's college with the following notion in mind:
529 plans must be used for education, therefore if he doesn't want to attend* or if by some miracle there's more in the account than he uses, it would be forfeit without heavy penalties.
I do not currently max the contribution to my IRA; I can increase my monthly amount put in the mutual fund.
What are the pros and cons of this thinking? In my mind one problem is that the funds are not segmented and I'd rather think of retirement separately from education. Are there any special advantages to the 529 that I miss out on by using the IRA?
*and break his father's heart though at age one no need to put pressure on him