Now is the perfect time to start investing for your child’s future. From educational savings accounts to teaching hands-on investing skills, there are various types of investment accounts that can help set up a solid financial foundation for your child. Here’s a quick overview of some of the top options:
- 529 Savings Plan – Ideal for educational savings with tax incentives on qualifying expenses.
- Uniform Gifts to Minors Act (UGMA) Accounts – Offers flexible investment options with control transferring to your child at adulthood.
- Custodial Roth IRA – A retirement-focused option with tax-free growth, starting as soon as your child earns income.
- Custodial Savings Accounts – A straightforward savings option to build basic financial habits.
- Custodial Brokerage Account – Introduces investing basics by letting kids explore stocks and other assets under a parent’s guidance.
Each account has unique advantages and considerations, making it easy for parents to find the right fit. Want to dive deeper? Read the full article here for insights from experts, including advice on maximizing the power of compound interest for long-term growth.
