Individual and joint accounts aren’t subject to early withdrawal penalties that apply to tax-advantaged accounts – so you can take your money out when you need.

Open a business account in your organization’s name and invest for additional cash flow, or open a SEP-IRA (Simplified Employee Pension) or an individual 401(k). If you have employees, consider a SEP-IRA or SIMPLE (Savings Incentive Match Plan for Employees) IRA.

We provide in-depth insights and advice on the benefits of opening a 529 plan.

A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is owned by a minor but off-limits until they reach adulthood. After that, the money can be used for any purpose. These types of accounts offer fewer tax advantages than 529 plans, but far more flexibility and investment choices.

A trust account is a legal arrangement in which the grantor allows a third party, the trustee, to manage assets on behalf of the beneficiaries of the trust.