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Publicado el 04-06-2011

How to invest in your children’s education

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ASPIRA Association

age. In addition, earnings can be withdrawn with no penalties if the monies are geared toward paying for education. You could well set up such an account either to pay for your own retirement or to pay for a college education.

Coverdell Savings Accounts (ESA) used to be known as educational IRAs and were created with the exclusive purpose of paying for qualified education expenses at an eligible institution. You can make tax-free contributions with a maximum of $2,000 from all sources per beneficiary per year.

Yet another reliable way to save for your children’s education is to purchase savings bonds. Investors find these bonds attractive because they’re U.S. Treasury securities backed by the U.S. government and are one of the safest investments. In addition, since savings bonds are free from state and local income taxes, their yield increases. If the parent’s earnings qualify under the lowest eligible category, bonds bought after 1990 can be completely excluded from federal income tax when used to pay your child’s college tuition. Series EE savings bonds can be purchased at any bank or financial institution that acts as a savings bonds agent.

As you can see, there are many alternatives to plan to cover the cost of your children’s college career. The important thing is to start as soon as possible.

For more information and examples on this topic see “Resources for a better financial future” in the Web site of The Aspira Association HYPERLINK "http://www.aspira.org/" http://www.aspira.org/. This publication was made possible by a generous grant from the FINRA Investor Education Foundation.

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