California's 529 college savings plan has grown despite COVID-19 - Business Insider

The number of new account openings was up 24% between May 2019 and May 2020, while total account contributions rose 17%. ScholarShare currently has nearly $10 billion in plan assets and an average account balance of about $30,000.

State-sponsored 529s are a valuable tool for college planning, in part because they don't shut out high earners, annual contribution limits are high, and the money grows completely tax-free and can be withdrawn tax-free at any point if it's used for qualified expenses, includingand fees. They also allow anyone to make cash gifts to the account, not just the owners.

Each state runs one or more of their own 529 plans, and investors are allowed to choose which they prefer. Plus, more than 30 statesAnyone with a Social Security number or Taxpayer Identification Number can open a ScholarShare 529 account, whether they live in California or not. About 88% of accountholders are in-state residents.

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