BEST EDUCATION SAVINGS PLAN FOR CHILDREN

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Let’s just be honest- college expenses and private schools are shockingly expensive in the United States.

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Unfortunately, education costs continue to rise at about 2% per year. There are several routes when it comes to paying for college, often a combination of the following options are used:

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If you plan to save for your children’s education costs, there are multiple accounts to choose from. Let’s remove the guesswork and break down the best education savings plans for children.

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Best Education Savings Plans for Children

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529 Plans: 529 plans are the gold standard and most beneficial education saving plan because of high contribution limits and minimal restrictions.

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Coverdell Education Savings Accounts (ESAs): Coverdell ESAs offer a few benefits (which we’ll discuss later) but are only available to lower-income individuals.

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UGMA/UTMA accounts: UGMA/UTMA accounts are not specifically education savings plans, but offer a small tax deduction benefit.

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Swipe Up For The Rest of the Article

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