Im 32, unmarried and child-free.
Her college will be paid for through the G.I.
Bill, so a 529 savings plan doesnt seem necessary.
Ive considered life insurance, but Im not sure whether its worth buying at my age.
Plus, Id like something she can take advantage of when she turns 18 or maybe after college.
Are there options out there Im missing?
Thanks for your help!
I Believe Your Children Are Our Future
Dear Believe,
Cool Aunt is my favorite job title.
It sounds like its yours, too.
Im pretty sure I laughed unconvincingly as I told them, Dont worry, I have plenty of money.
But you dont seem to have this problem.
So I digress.)
Like you, Ive often wondered the best way to save for these little ones futures.
But are there better options?
I asked Stephanie McCullough, founder and CEO ofSofia Financial, for a few tips.
One thing to consider, she said, is that the G.I.
Bill may not cover all college costs.
No Interest Til Almost 2027?
A 529 wont affect your niece too much when she fills out her financial aid system, she added.
Another option is a Uniform Transfer to Minors Act (UTMA) account.
What about life insurance?
You could take out your own policy or even get a policy for your niece.
But youll still have to pay premiums each year.
Have a tricky money question?
Write to Dear Penny at[email protected].
For more practical money tips, visitwww.thepennyhoarder.com.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
