Helping secure financial future of my niece?

I would like to do set something up for my newborn niece (and brother and sister-in-law) to help her financially. What's the best way to do this, what would you suggest? Are there accounts, funds, tools that allow you to contribute pre-tax dollars and not be taxed on the growth? I am open to setting up... show more I would like to do set something up for my newborn niece (and brother and sister-in-law) to help her financially.

What's the best way to do this, what would you suggest? Are there accounts, funds, tools that allow you to contribute pre-tax dollars and not be taxed on the growth?

I am open to setting up a college fund, but leaning to long term goals for my niece i.e., to buy a house or give her headstart on retirement.

Additional Details:
- I make a modest income, but can contribute ~ $20 month.
- I am 40 and figure I have about 25 - 30 years to do this.
- I contribute to 403b retirement accounts

Any help with this is greatly appreciated!
4 answers 4