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529 Plans Hit Record Highs In 2020
AP

529 Plans Hit Record Highs In 2020

As bewildered families search for ways to save for their children’s growing college costs, 529 college savings plans—tax-advantaged investment accounts specifically for education expenses—are looking more attractive than ever. Over the course of 2020, after an initial decline and dramatic recovery in the stock and bond markets, total assets in 529 plans increased 18% to a new record high of $394 billion, according to a new report from Morningstar. The average plan balance also reached a high of $28,679 in December 2020, after the average account balance grew 10% in 2020, according to the College Savings Plans Network. Despite the...

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