Yes, it may make sense to have a 529 plan account for each child—especially if they are different ages. Here's why: Each 529 plan account can have only one beneficiary. Many investors who are saving for college choose to take advantage of the Age-based portfolio strategy for their accounts, which manages the account based on the age of the child. If you're saving for 2 children in a single account, your age-based investment strategy may not be appropriate for both children.