What is the difference between an Oregon College Savings Plan account and a Roth IRA account?
The Oregon College Savings Plan and a Roth IRA are both kinds of savings accounts that come with certain tax advantages. The Oregon College Savings Plan is a 529 plan, which is a dedicated savings account specifically for educational expenses. 529 College Savings Plans allow you to make withdrawals for qualified expenses 100% tax free, without any age restrictions. A Roth IRA is specifically a retirement savings account that allows you to make withdrawals 100% tax free once you reach age 59.5.