Maximizing College Savings: Tips for Parents and Financial Advisors.

Parents who have saved for their child's college education through a 529 savings plan may be surprised to find that their money is at greater risk than they thought. While age-based target date funds are a typical strategy for parents, the volatility of "in-college" plans has surprised many, with some plans losing almost 14% in 2022. Parents should keep an eye on how their plan operates and lower the risk in their plan as their children approach college age. Additionally, parents should know that they don't have to use their own state's plan to save, and 529 plan savings can be used for more than just tuition.