College savings for grandchildren
I’d like to start putting money into an account for my new grandchild. What should I open and where?
Terry Says
You need to open a 529 college savings plan, where you can keep contributing over the years. The money grows tax-free and can be used to pay for any college, any state.
Read this recent column: https://www.terrysavage.com/529-plans-even-better-now-2/
If you live in Illinois, use the state’s BrightStart plan, which offers a deduction on state income taxes for your contribution. Here’s a link: https://www.brightstart.com/
