Who can open a 529 plan account?

Anyone who wants to save for a child's education can open a 529 plan account. There may be benefits to opening an account. The account owner keeps control of the money, can make investment decisions, and can even change the beneficiary if plans change. There may be estate tax benefits in some cases.

How do I use my 529 plan money?

Many accounts let you make an initial deposit so your money gets invested right away (if you pick the savings plan). For most accounts, you can set up recurring transfers from your bank account to your 529 plan, similar to auto bill pay. How you use your 529 plan money depends on the plan type you choose.

How do I enroll in a 529 plan?

Enrollment in 529 plan accounts requires the account owner’s and beneficiary’s names and specific personal information, including social security numbers (SSNs), date of birth, addresses, and phone numbers. 4. Choose 529 Plan Investments There are a variety of investments for the 529 plan to choose from, depending on your investment objectives.