Long-term savings goals can be as much about education as they are retirement. Coverdell Education Savings Accounts (ESAs) help parents save for a variety of issues including college tuition or private high school tuition. The funds can even be used to pay for after school tutoring. These accounts offer tax benefits. Education can be expensive, but it’s nothing compared to the need for it.
Consult your tax advisor or financial planner before opening an ESA or rolling over funds.