Tag: Children’s savings

The 4 Best Ways to Save for Your Child’s Future: Pros and Cons Explained

Written by Zachary Morris, CFP® on January 5, 2025.

In this video, I’m breaking down four popular ways to save for your child’s future—from college savings to long-term investment accounts—and weighing the pros and cons of each. If you’re exploring options for your family, understanding these choices can help you create a plan that aligns with your goals and your child’s needs.

We’ll discuss 529 plans, UTMA accounts, Roth IRAs, and Joint Accounts, covering their unique features and tax benefits, along with any potential drawbacks. From education savings to general-purpose funds, you’ll get a clear picture of which option might work best for your family’s needs.

How Can Your Child Benefit from a Roth IRA?

Written by Zachary Morris, CFP® on June 25, 2019.

When you think of a Roth IRA, you aren’t usually picturing a child as the owner. But, when you dig deeper, a Roth really is an ideal savings vehicle because they have more than a half-century to watch their contributions grow tax-free. Plus, there is a great deal of flexibility allowing you to withdraw your contributions at any time without tax or penalties (*subject to certain withdrawal guidelines noted below).