Lifelong Learners: Set Up a 529 Plan for Yourself

If you have helped children or grandchildren with college costs, you are probably already familiar with 529 plans, the tax-advantaged education savings accounts offered by states and educational institutions. The money grows tax-free over the years until you take it out, tax-free, to use for a child's tuition, books, room and board, and other qualified educational expenses. Another benefit: Most states also offer residents a tax break for contributing to their own state's plan.