When saving for your child’s future, there are a few options to consider. Many people are not sure how to determine whether a 529 or UTMA account is better. Knowing the differences between these two accounts can help you decide which one fits better into your specific goals. Before we get into the differences, let’s discuss the basics of what each of these accounts is.
Paying for college is a top financial concern for many families. In 2015 a Gallup poll found for the first time that parents identified paying for college as their primary financial concern.1It showed that 73% of families with children under 18 worried about paying for college. Concern over college costs has continued as parents also report higher levels of concern over paying for college since the COVID pandemic.2It’s easy to understand why parents are concerned. Data shows that college costs are up 33% since 2000.3New changes to Colorado and US laws could make it harder for families to pay for college.
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