CNBC’s Jim Cramer explained the ins and outs of 529 college savings accounts.
CNBC's Jim Cramer explained how parents can best save for their children's college using a 529 savings account.
A 529 college savings account is the most effective way to make sure your child isn't heavily burdened with academic debt, Cramer said. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyCramer suggested parents open a 529 college savings account soon after their child is born. These accounts are not tax deductible, but once you put your money in the plan, you don't have to pay any taxes on your gains. This way, your savings can compound tax-free over the years, similar to a Roth IRA.
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