In this video, we break down five common ways to save for college and explain the key factors parents should consider before choosing an education savings strategy.
You’ll learn:
- How 529 plans work and when they may make sense
- The advantages and disadvantages of UGMA/UTMA custodial accounts
- How a Roth IRA can provide flexibility for both retirement and education
- What you should know about Coverdell Education Savings Accounts
- Why a taxable investment account may provide greater flexibility
- How account ownership can affect financial aid
- Why you shouldn’t sacrifice your own retirement savings to fund your child’s education
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