Cookie Magazine listed four ways to save in your child’s name, a hot topic in this day and age of skyrocketing college costs and dwindling savings:

Best way to save for school: 529 Plan
What It Is: A tax-free savings account for higher education.

How It Works: The money grows through managed investments. In an exception to tax laws, you can front-load up to five years’ worth of gifting.

Take Note: If your child doesn’t use them for higher education, the funds will be subject to tax and penalties. But a 529 can be passed to a sibling.

Best way to save for their retirements: Roth IRA
What It Is: An individual retirement account that becomes accessible when your child is 59.5.

How It Works: Even if your child is just mowing lawns, she is “employed” and eligible for an IRA (just be sure to report her income on your tax return). Since no kid is likely to save her pocket money for old age, you can opt to pay the amount she’s earned into the account herself.

Take Note: Your contributions can’t exceed your kid’s earned income -- so unless her last name is Fanning or Olsen, you can’t deposit large sums.

The article mentioned a “custodial account,” a brokerage account that allows you to invest in stocks and bonds and control the funds until your child is 18.