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growing savingsThere are several ways you can build capital to help your children when they enter adulthood.

College Savings Plans > 529 Plans allow you to make tax-advantaged deposits that earn returns and can be used to pay college tuition at a later date.

Whole Life Insurance > It is never too early to provide a basic guarantee for your child's future life insurance. Health issues discovered later in life could make the cost of insurance prohibitive, but a whole life insurance policy purchased at birth or in childhood will remain in force and build value for your child's entire lifetime.

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Stock Funds > Since stocks perform well over long periods of time, buying into a stock fund for a child — even a teenager — can yield plentiful assets when they reach their later years.

Roth IRA > An individual retirement account can be set up for any minor as long as he has earned income. Deposits into a Roth IRA are not tax deductible, but the money withdrawn from that account in retirement (at the allowable age) will not be taxed. It is a great way for teens and college students to learn smart financial planning and discipline.

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SOURCE - Mines Press - COPYRIGHT ©2018. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is understood that the publishers are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought. 2/18.

Posted 8:00 AM

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