529 education savings plans are powerful tools to help pay for the mounting costs of an education. Yet some people hesitate to use them. One common concern is oversaving. You can only use 529 funds can only cover qualified education expenses without incurring a tax penalty, but it can be hard to pinpoint how much money you actually need. Many parents open 529s for their children at birth, when there’s no way to know whether their kids will earn a scholarship or go to college at all. Fortunately, parents ...

President Trump’s One Big Beautiful Bill Act ushered in many tax changes, including a new saving and investing vehicle for families known as Trump accounts. As trumpeted in a White House press release in August, Trump accounts are intended to “give the next generation a jumpstart on saving.” In layman’s terms, they function as a type of tax-deferred savings account for those under 18, and they come with a starter package for any U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028: a $1,000 deposit ...