Federal 529 Savings plans were created to help parents save for their children college tuitions.  I recommend you look for your children or even yourself. Here are the benefits

• The state will offer significant tax breaks. Each state varies so check here –
  • http://www.savingforcollege.com/529_plan_details/
• Low Maintenance Fee. Most state plans have very low fees. Always pick no load to a max of 2%.
• No tax reporting. Taxes are only filed on the investment upon distributions.
• No federal taxes paid on earnings if used to pay for college costs.
• Low penalty of 10% when distributions are taken out for non education costs.
• You can set up a 529 plan for yourself if you know you will be going to graduate school.