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Retirement or college — either way, it's a big, ongoing expense. Cover it with a low-cost IRA or ESA.

1 Subject to some minimal conditions. Consult a tax advisor.

2 Certain exceptions apply, such as healthcare, purchasing first home, etc.

3 Consult a tax advisor.

4 Qualified expenses include tuition and fees, books, supplies, board, etc.

5 Consult your tax advisor to determine your contribution limit.

6 Those earnings are subject to income tax and a 10% penalty.