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What is a tax-advantaged college savings account?

When it comes to planning for higher education, a tax-advantaged college savings account, such as a 529 plan, is often the best choice. This is a state-sponsored program that lets parents, relatives, and friends invest for a child's college education. The account belongs to you, not your child, and you remain in control of the money.

How do I save money for my Baby's college savings account?

Automate your saving as much as possible, such as setting up automatic investment options and contributions to your 529 plan. Minimize your tax by taking advantage of all possible tax advantages associated with your baby’s college savings account, and speak to a tax account if in doubt.

Can a parent save for a child's college education?

Parents can even save for a child’s college education before the child is born, either by opening a 529 plan or saving the money in a taxable account. Let’s explore these options in more detail. When you open a 529 plan, you must select a beneficiary for the plan.

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