Should you worry about overfunding your 529 plan?

529 college savings plans  are powerful tools to help pay for the mounting costs of an education. Why are some people hesitant to use them?

One common concern is oversaving. You can use 529 funds to cover only  qualified education expenses  without incurring a tax penalty, but it can be hard to pinpoint how much money you actually need.

Many parents open 529s for their children when they are born; they have no way of knowing whether their kids will earn a scholarship or even go to college at all. Fortunately, parents of multiple children can change the beneficiary of a 529 plan.

But what do you do if you still have money left over after covering education expenses?