Which of these accounts provides benefits for educational savings specifically?

The 529 College Savings Plan is specifically designed to facilitate educational savings, offering tax-advantaged growth for funds intended for qualified education expenses. These expenses can include tuition, room and board, and other related costs for attending colleges and universities. One of the key benefits of a 529 plan is that the earnings on investments in the account grow tax-free, and withdrawals used for qualified education expenses are also tax-free at the federal level, and often at the state level as well. This makes it an attractive option for families aiming to save for future educational costs, as it directly supports the goal of funding education.

In contrast, retirement accounts, health savings accounts, and Roth IRAs serve different purposes. Retirement accounts focus on savings for retirement, while health savings accounts are meant for medical expenses. Roth IRAs are flexible and can be used for various purposes, including retirement, but do not specifically target educational savings. Therefore, the 529 College Savings Plan stands out as the appropriate choice for educational savings.