Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
A type of education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. While these plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they're used for eligible education expenses, individuals who live in states with special tax breaks for contributions tend to fare the best.
Millions of Americans use both traditional and Roth IRAs to save for retirement. However, that doesn't mean they all have a full understanding of how IRAs work.
