Saving and Investing for College
Several different tax-advantaged options are available to support the endeavor to save and invest for higher education expenses. Parents can employ these when planning for their children’s college costs, and individuals may take advantage of these options to fund their graduate-level education.
To encourage educational development, the government offers beneficial tax status for investment accounts that are dedicated to paying for school. These accounts can include Coverdell Education Savings Accounts, 529 plans, UTMAs, and Roth IRAs.
Each of these options comes with different advantages, limitations, and requirements, so it’s important to identify specific objectives and priorities when selecting which type of account to employ for investing.
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- Anthony Winkels is Managing Partner and Wealth Advisor at Fortis Wealth Management
