It’s never too early to begin investing for your child’s future. Whether you have a new baby or a toddler running around the house, it’s worth coming up with a plan. Even if you only put away a small amount each month, every bit can make a big difference later. (See: Investing $50 a month could add up nicely for your retirement)
The first step is learning about account types. Below are five common account types you could choose from to fit your investing plan.
When saving for your child’s education, you may prefer an account that offers a tax-deferred investment option for the money you save. Three of the most popular tax-advantaged account types are: