Hi all, I'm looking for a little advice or even scrutiny on my ~3 year plan to quit my job and go full time for a CS degree. I've spent a considerable amount of time thinking about my options, and the following is the best I've come up with.
In essence, I plan on having ~$20k+ in a 401k and about ~$15k in liquid savings by September 2019. That will be the same time that I will be transferring from my community college to a state University.
The plan: 401k - Roll it over into an IRA and use the education clause to withdraw early (without penalty but with tax) in order to pay for my housing for 2+ years. My company matches 100% of the first 3% and 50% of the next 2%, so this is a good source of free money. Funds are being invested in S&P-like mutual funds and bonds.
Liquid - Cash flow most of my other living expenses, I will have no debt by that time (paying almost double on my car to get that paid off, and no credit card balances). This will give me somewhere around $500/mo for most of my bills (excluding rent mentioned above). I will also be applying for the student work program through FAFSA to supplement my income.
School - I'm hoping FAFSA will cover a large chunk (if not all) of my tuition. I also have about $8,000 left on a $10,000 scholarship I received a couple years ago to pay for books and tuition that gets taken out of pocket. Student loans will be a last resort.
Home life - I'm recently married and my wife works for the school district, so her health care benefits are free for me (with very low deductibles). She's on board with the plan, and we've talked extensively about it. At this point, I'm mostly trying to optimize, not rethink it.
Are there any unseen flaws in my plan? Will the roll over work as I anticipate it to? Any other advice, suggestions, or tips you guys could provide would be much appreciated.
Thank You, Rob.
Edit: I left quite a bit out because I didn't think it would help the conversation, but if I'm missing any pertinent information, please let me know.
Submitted March 18, 2017 at 11:44PM by Rob_Royce http://ift.tt/2mIfx7K
