Robert 'Bob' Powell and Investments & Wealth Institute Chief Learning Officer Ross Riskin discuss having that difficult conversation with family members about contributing to education savings, and how external factors need to be considered.

In the full episode of Decoding Retirement, Bob and Ross discuss early savings for education expenses, having that tough conversation with family about financial contributions, the best vehicles to use when saving for education, and much more.

Why a 529 plan is great for education savings:

1. Any family member can contribute

All 529 plans accept third-party contributions, regardless of who owns the account. That means anyone, including grandparents, aunts, uncles, or even friends, can help a child save for college.

2. Earnings grow tax-deferred

Earnings in a 529 plan grow tax-deferred and are not taxed when used to pay for qualified education expenses.

3. Withdrawals are tax-free

Withdrawals are tax-free when used for qualified education expenses.

Catch the full episode of Ross Riskin on Yahoo Finance's Decoding Retirement. Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera.

Find more episodes of Decoding Retirement at https://finance.yahoo.com/videos/series/decoding-retirement.

Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.

Editor's note: This post was written by Austin Rivera.