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Funding an education is an important goal that requires a lot of planning. Long-term saving for college and other education expenses often takes commitment.
Most states offer their own 529 plans, but you don’t necessarily need to live in a particular state to invest in its plan. Often the 529 plan in your state of residency offers the most tax advantages, but take some time to research the differences. The most popular 529 option structures the plan as a savings account that offers different investment portfolios. Some portfolios are age-based, meaning early on you’ll invest aggressively in growth-based securities such as U.S. and international stocks and then the portfolio automatically reallocates to more conservative investments as the child approaches college age. Another choice is to create an individualized portfolio in which you determine your investment strategy and adjust it as necessary to meet your risk tolerance. Investment options are determined by the investment company that administers the state program.