Ask Terry Questions money for grandchildren

money for grandchildren

By Terry Savage on May 23, 2019 | College Savings / Student Loans

what is the best way to put aside money for our grandchildren’s future. They are 3 and 7

Terry Says

The best way is to open a 529 college savings account.  Ask their parents if they have already done so –and then you can contribute to the account they opened. If not, you open the account and you can be the “custodian” of the account. Go to to learn more about their state plan– or just go to Vanguard or Fidelity and they will help you open a plan.  You can add more at any time.   The money grows tax-free for college expenses, and can be used for any accredited school in any state.  You do no have to invest in your own state’s plan.  One day, they will thank you for this gift.

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