Back To School For Gramps

You can use the account to pay for that master’s degree you’ve been thinking about or even fun classes in postretirement. If you end up changing your mind about school, transfer the account to your children or grandchildren. By the time they’re ready for college, you should have a sizable tax-free sum saved up. Invest $10,000 now at a 7 percent return and in 30 years they’ll have $76,000 for school.

–Linda Stern