RALEIGH, N.C. — It’s never too late to start thinking about saving for your child’s future.

The Education Data Initiative says the average cost of college tuition and fees at public four-year institutions has risen 179.2% over the past 20 years.

Financial professional Austin Kobilka from Patriot Wealth in Raleigh says there are simple steps parents can take to help their child’s post-secondary education for 529 Day, which is May 29.

“The money you contribute grows tax-free and can be used at any time for qualified educational expenses including private school tuition for K-12, college tuition, room and board, books, computers, printers, internet service, as well as graduate schools, trade schools and apprenticeships," Kobilka said.

He says anyone can contribute to a 529 plan and the contribution limits are high.

There are two types of 529 plans. Prepaid tuition plans are offered by a few states and universities.

“They allow you to lock in your child’s tuition at current rates even if they don’t plan to attend college for a few years," he said. "Like a savings plan, your money will grow over time and is tax-free.”

A savings plan is the second 529 option, which is the most common.

“You can choose which investments you want included (usually mutual funds). How those investments perform will determine how much the account value grows over time,” Kobilka said.

Starting this year, if you have a 529 account that’s at least 15 years old, you will be able to roll over up to $35,000 of unspent funds into a Roth IRA account, thanks to a provision from the SECURE Act 2.0 of 2022, he said.