That’s basically the risk you take being heavy in stocks right up until the time you need the money. S20’s 529 is in an age-based and was about 80% cash and bonds when the market tanked. He also has an UTMA that his grandparents saved for him that was 100% in stocks. We were putting about the same amount of money in each of these accounts over the years and there’s was growing faster. I almost felt like I’d messed up letting so much be in fixed income the past few years…until this year happened. Of course, their account had grown so much the past few years that even after the big loss it’s still about the same as what I have saved in the age-based, so neither decision was really better than the other.