Many parents opt to save for their child’s future education. If you have the ability to save for their education while still maintaining your retirement savings goals, a 529 account may be an option. A 529 plan is a tax-advantaged savings plan designed for future college costs. Potential benefits include:

• Tax-deferred growth
• Tax-free withdrawals for qualified higher education expenses
• State-specific income tax deduction opportunity
• Can be transferred to another beneficiary
• Contributions can be gifted
• Flexible investment options, including target dates

You can check out your state-specific program for more details.

Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in the issuer's official statement, which should be read carefully before investing. As with other investments, there are generally fees and expenses associated with participation in a 529 savings plan. There is also the risk that the investments may lose money or not perform well enough to cover college costs as anticipated.