A 529 plan is a college savings account that's exempt from federal taxes.
These plans, named for Section 529 of the federal tax code, often have tax benefits at the state level for in-state residents.
Any U.S. citizen or legal U.S. resident 18 years old or older can open a 529 account
While 529s are most commonly used by parents and grandparents for the benefit of children, you can also open a plan and designate yourself as the beneficiary.
These tax-advantaged college savings plans are a low-effort way for families to put aside money.