Future savings account for grandchildren
What type of savings account would you suggest to financially establish for college assistance
in the future. We would add monies every year and would like it to generate interest every year.
The kids are 6 & 8 years old. If they don’t go to college, can they still draw out the money at age ?. Thanks for your help.
Terry Says
You definitely don’t want to open a savings account in their names, even as minors. What you DO want is a 529 College Savings Plan. Read this: https://www.terrysavage.com/529-plans-even-better-now-2/
If you’re an Illinois resident and want the deduction on your state income taxes, go straight to the Illinois plan: https://www.brightstart.com/
