{"id":2888,"date":"2025-09-05T09:01:40","date_gmt":"2025-09-05T13:01:40","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insightsthink-youre-too-late-for-a-529-plan-think-again\/"},"modified":"2025-09-05T09:01:41","modified_gmt":"2025-09-05T13:01:41","slug":"think-youre-too-late-for-a-529-plan-think-again","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/think-youre-too-late-for-a-529-plan-think-again","title":{"rendered":"Saving for college: 529 plans offer flexible and tax-smart education savings"},"content":{"rendered":"\n<div class=\"wp-block-rbcwm-well well is-style-b-blue-tint-4\">\n<p class=\"wp-block-paragraph\"><strong>Key insights:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Start saving<em> <\/em>early for maximum growth potential:<\/strong> Over 18 years, a $2,000 initial investment plus $300 monthly could grow a 529 to ~$122,000 (assuming six percent average returns)\u2014compared to ~$67,000 starting at age six, and just ~$29,000 starting at age 12.<\/li>\n\n\n\n<li><strong>Late starters can still benefit:<\/strong><em> <\/em>Opening a 529 plan even a few years before college provides tax-free growth opportunities, and family contributions can help boost savings.<\/li>\n\n\n\n<li><strong>Qualified expenses beyond college tuition:<\/strong> 529 funds can also be used for K-12 costs, graduate programs, student loan repayment and more.<\/li>\n\n\n\n<li><strong>Flexibility supports multigenerational planning:<\/strong><em> <\/em>High lifetime contribution limits ($235,000 to $600,000+), \u201csuperfunding\u201d and the ability to change beneficiaries enable significant savings for multiple children\u2014or future grandchildren.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since your kids were born, you\u2019ve likely been exposed to repeated messages about the importance of setting money aside for college. Understandable, when you consider the average annual cost for tuition, fees, room and board at a four-year private college is over $60,000, according to the College Board. Even a four-year in-state public university costs over $25,000 per year to attend, on average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How to pay for college&nbsp;is a major financial decision for families, which is why starting early and saving regularly can give you additional leverage to potentially grow assets and offset some of the financial burden. A 529 savings plan may be an effective tool to build a college nest egg\u2014even if that means opening one just a few years before your child graduates from high school.<\/p>\n\n\n\n<h2 id=\"h-529-plan-basics\" class=\"wp-block-heading\">529 plan basics<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 529 plan allows you to set funds aside for the express purpose of covering education costs. Parents can choose from a variety of plans and invest the money in different ways, giving 529s a broad appeal. Some key benefits of 529 plans include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>High lifetime contribution limits\u2014from $235,000 to over $600,000, depending on the state<\/li>\n\n\n\n<li>Tax-deferred earnings and tax-free withdrawals for qualified education expenses<\/li>\n\n\n\n<li>Control of the assets remains with the account owner, not the beneficiary<\/li>\n\n\n\n<li>Flexibility to change beneficiaries, for example, to another child or grandchild<\/li>\n\n\n\n<li>A \u201csuperfunding\u201d option, allowing five years of contributions as a lump sum (up to five times the annual gift tax exclusion) without gift tax consequences<\/li>\n\n\n\n<li>Up to $10,000 from a 529 account can be used to repay student loans<\/li>\n\n\n\n<li>Under certain conditions, up to $35,000 can be rolled over into the beneficiary\u2019s Roth IRA without tax penalties<\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-time-is-your-biggest-advantage\" class=\"wp-block-heading\"><strong>Time is your biggest advantage<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The earlier you start saving for your child\u2019s education, the greater the opportunity to build a significant pool of assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you set aside as much as you can when your kids are little, that money has a long time to grow,\u201d says&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/people\/angie-oleary\">Angie O\u2019Leary<\/a>, head of Wealth Strategies and Solutions at RBC Wealth Management\u2013U.S.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, consider what happens when parents invest a lump sum of $2,000 into a 529 plan and continue with monthly $300 contributions until their child turns 18:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If they start saving right after their child is born, by the time that child enters college, the account will have grown to approximately $122,000 (assuming an average annual return of six percent)<\/li>\n\n\n\n<li>By delaying that same savings regimen until the child\u2019s sixth birthday, the account would only grow to around $67,000<\/li>\n\n\n\n<li>If parents didn\u2019t begin saving until the child turned 12, the total value would reach just about $29,000<\/li>\n<\/ul>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-well rbc-block-small rbc-block-grey rbc-mid-page-cta has-block-grey-background-color has-background\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<h4 id=\"h-own-your-financial-future\" class=\"wp-block-heading cta-title\"><strong>Own your financial future<\/strong><\/h4>\n\n\n\n<p class=\"cta-content wp-block-paragraph\">Get there by combining your ideas with our experience and resources.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<a class=\"wp-block-button rbc-button-no-icon rbc-mid-page-button is-style-secondary rbc-button rbc-button-secondary\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/find-an-advisor\">Find a financial advisor<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<h2 id=\"h-better-late-than-never\" class=\"wp-block-heading\"><strong>Better late than never<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If your child (<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/managing-multiples-college-financing-strategies-for-more-than-one-child\">or children<\/a>) is already approaching college age, you may wonder if it is too late to start contributing to a 529 plan. According to O\u2019Leary, you may have to follow a more conservative investment path with a 529 plan if your child is entering college soon, but it\u2019s still likely to be worthwhile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cJust because you haven\u2019t started saving in a 529 to this point doesn\u2019t mean you should forego it entirely,\u201d she says. \u201cEven getting two or three years of potential tax-free growth in the account can be helpful.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One way to make up for lost time? \u201cEngage your village,\u201d O\u2019Leary says. \u201cForgoing material gifts and instead inviting family and friends to contribute to a child\u2019s 529 is a great way to build that nest egg and show the value of higher education.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These financial gifts can be mutually beneficial\u2014depending on what state they live in, contributors may be able to claim a deduction on their own state tax return. There may also be gift tax benefits for grandparents.<\/p>\n\n\n\n<h2 id=\"h-leveraging-the-flexibility-of-a-529-plan\" class=\"wp-block-heading\">Leveraging the flexibility of a 529 plan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Even if you start saving late, a 529 plan offers significant flexibility that extends beyond the traditional four-year college timeline. For example, if your child decides to pursue a graduate degree, the window for using 529 savings expands\u2014as does the time horizon for the assets to potentially grow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, the scope of qualified expenses has broadened to include K-12 education costs, student loan repayment, and in certain situations leftover funds can even be rolled over into a Roth IRA for the beneficiary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perhaps the most flexible feature of 529 plans is the freedom to change beneficiaries at any time. This means you\u2019re not limited to using the funds for your own children\u2019s education\u2014you can let the savings continue to accumulate for decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cUltimately, those assets could be used to help pay for your grandchildren\u2019s education,\u201d O\u2019Leary says. \u201cDon\u2019t discount the possibility that, while you may be late in saving for the current generation, you can still get a head start on securing educational opportunities for the next generation.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This article was updated in July 2026.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how 529s can be an effective tool to build a college fund for today and the future.<\/p>\n","protected":false},"author":22,"featured_media":17885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[85],"tags":[216,98,215,99,217],"rbcwm_content_owner":[],"rbcwm_need":[466,463],"rbcwm_segment":[460],"rbcwm_solution":[465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-2888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-education","tag-529-plan","tag-college-savings","tag-paying-for-education","tag-tuition-costs","tag-what-is-a-529-plan","rbcwm_need-grow","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Learn how 529s can be an effective tool to build a college fund for today and the future.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"Neither RBC Wealth Management, a division of RBC Capital Markets, LLC (\u201cRBC WM\u201d), nor its affiliates or employees provide legal, accounting or tax advice. All legal, accounting or tax decisions regarding your accounts and any transactions or investments entered into in relation to such accounts, should be made in consultation with your independent advisors. No information, including but not limited to written materials, provided by RBC WM or its affiliates or employees should be construed as legal, accounting or tax advice.\r\n\r\nFor more information regarding college savings plans, please visit\u00a0<a href=\"http:\/\/www.collegesavings.org\/\">www.collegesavings.org<\/a>. Participation in a 529 Plan does not guarantee the investment return on contributions, if any, will be adequate to cover future tuition and other higher education expenses. State programs vary and therefore you should carefully review individual program documents before investing or sending money. Federal income tax on the earnings and a 10 percent penalty on distributions for non-qualified expenses may apply. RBC Wealth Management is not a tax advisor. All decisions regarding the tax implications of your individual investments should be made in connection with your independent tax advisor."},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2","rbcwm_toc_sub_selector":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saving for college: 529 plans offer flexible and tax-smart education savings<\/title>\n<meta name=\"description\" content=\"Learn how 529s can be an effective tool to build a college fund for today and the future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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