529 Savings Plans

529 plans are state-sponsored investment programs that are designed to help you meet your higher education goals. So if you want to help pay for your child’s college tuition or even the tuition of another family member, 529 plans can help.

Ready to start saving for college?
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How much do I need to save for college?

 years old. 
%
college expenses.
$
saved in my child's college fund.

529 plan benefits and features

Tax Advantages
Your 529 plan savings are tax-deferred, which means your savings might grow faster than comparable taxable accounts. When you take money out from your 529 plan to pay qualified education expenses, those withdrawals are federal income tax-free. This includes payments for tuition, room, and board. Some states also offer additional tax breaks, but it is important to check your state’s plans and rules.
Contributions

While the IRS sets no specific 529 plan annual contribution limits, states generally limit the total balance within an account to the estimated cost of the beneficiary’s qualified educational expenses. Each state also limits the amount of annual contributions that qualify for tax breaks.1

Investment Options
With 529 plans, you have a variety of investment choices that allow you to select a strategy based on your needs and preferences, and the beneficiary’s age. Your investment options will vary based on the specific plan you choose.

What are the different types of 529 plans?

There are two types of 529 plans: education savings plans and prepaid plans.

  • A 529 education savings plan allows you to vary your contributions. You can use these plans to pay for qualified schools, including colleges, trade schools, and graduate schools.2
  • A 529 prepaid tuition plan lets you “lock in” tuition rates at a specific school through lump-sum or monthly payments.

Under either plan, if the child you originally started the plan for doesn’t go to college, you can use the plan for another child or even to further your own education.

What is the benefit of a 529 education savings plan?

By offering a range of benefits including attractive tax advantages and flexible investment options, 529 plans can help you save for tuition and even room and board.

How do I open a 529 account?

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    • Your financial professional will work with you over time through periodic reviews to help you monitor your investments and reach your financial planning goals.

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1 Check with your tax advisor for help with your specific circumstances.

2 Generally, you can also use your state’s college savings plan to pay for tuition in any other state.

3 From FORTUNE. ©2026 FORTUNE Media IP Limited. All rights reserved. FORTUNE 500 (June 2025) is a registered trademarks of FORTUNE Media IP Limited and is used under license. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of MassMutual.

The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

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