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<p>Just a comment that the age based banding is NOT necessarily safe from a downturn. My D1 graduated from high school in 2008, and her 529 took a beating at the start of the recession in spite of her investments being in the “oldest” age band (supposed to be most conservative). It did see some recovery over the next few years; we essentially took money out in percentages based on whatever the balance was when we took out money and how many payments we had left to go. But don’t think that the age banding protects you in a severe economic downturn. 
For D2 we have some of her 529 in the age banding, and some in one of the “guaranteed options” that has a relatively low interest rate – but we KNOW the money will be there when we need it.</p>