Which financial plan can the Garret family utilize for their child's college tuition?

The 529 Plan is specifically designed to help families save for college and higher education expenses. Contributions to a 529 Plan grow tax-deferred, and withdrawals for qualified education expenses are also tax-free at the federal level and typically at the state level. This makes it an ideal choice for families planning for their child's college tuition.

Additionally, the funds in a 529 Plan can be used for a variety of educational expenses including tuition, fees, books, and even some room and board costs, providing flexibility in how the savings can be utilized. Many states also offer tax incentives such as deductions on state income taxes for contributions made to a 529 Plan, further enhancing its benefits.

To summarize, the 529 Plan's focused purpose, tax advantages, and broad application for educational expenses solidify its status as a suitable option for families saving for college tuition.