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Putting aside money for your children’s college expenses can, in the long run, save you money and eliminate financial stress while allowing your children to pursue the education necessary for their future success.
Take a look at your options and refine your budget to start contributing regularly to your college savings account. What type of savings account is right for you? Consider these three options for structured—and, in some cases, tax-advantaged—savings:
529 plans—Investments in 529 plans grow tax-deferred, and these plans feature federal tax exemptions for funds withdrawn and used for higher-education expenses.
UGMA and UTMA accounts—Similar to a trust, Uniform Gift to Minors Account and Uniform Transfer to Minors Account accounts allow you to invest in your child’s education by transferring income-producing assets into your child’s name.
Roth IRAs—While this may surprise you, Roth IRAs can be a great choice because you can use the funds for retirement if you find that your children receive a scholarship or choose an alternate route.
Sterling National Bank can help you plan for college and beyond. Visit one of our Financial Centers, call us at 855.274.2830, or check out our College Planning Resource Center at snb.com/college-planning-center for more information on different savings strategies.