There are many considerations when you think about saving for the long-term. Two of them are retirement and college expenses.
Saving for retirement
Saving through your company’s retirement plan:
Is great way to save and build your account balance over time. Start early and allow time to work for you
Allows you to take advantage of your employer’s match plan (if offered)
Saving for college with a 529 plan
A 529 is a savings plan designed to help build funds to pay for education. It allows you to save more money than other education saving plans – like a Coverdell account. Anyone can contribute to the account, as long as you don’t put more money in than the cost of tuition as set by the state.