Скачать или смотреть What are the Best Ways to Save for College?

Saving for college? The right savings vehicle can make a big difference in growing your money and minimizing taxes. Here are four great options to consider:

1. 529 College Savings Plan – One of the best ways to save for college! Tax-free growth & withdrawals for qualified education expenses, plus potential state tax benefits.

2. Coverdell ESA – Similar to a 529, but with a $2,000 annual contribution limit. The big advantage? You can use it for K-12 expenses, not just college.

3. Roth IRA – A surprising but effective college savings tool! Withdraw contributions anytime tax- and penalty-free, and even earnings can be used for education with no early withdrawal penalty (though taxes may apply).

4. Custodial Accounts (UTMA/UGMA) – Allows savings in your child’s name, but lacks tax benefits. At legal age, the child controls the money—so consider if this is right for your family.

Each option has pros and cons depending on your goals. Want help choosing the best way to save for college? Let’s talk.

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Financial Advisor in Bergen County and North Jersey

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