You can change your Fund Allocation up to 2 times per year without a fee at any time.
Markets and overall net worth situations change. You may want to be more conservative as college nears (consider a target fund) or turn more aggressive if you have funds in other accounts to back up your financial needs.
Drake is starting to worry about volatile markets as his daughter becomes a Junior in high school–only two years away now from needing some of her 529 funds. Drake reallocates (transfers) a part of the money currently in stocks into FDIC insured cash. Next year–her Senior year–he will put even more into the FDIC insured part of the account, so his daughter will have at least some funds in the less risky investments.
No statement or example on this site should be considered a specific recommendation for your personal situation. Investing and tax strategies each carry significant risks. Examples herein may not apply to your situation. Please consult your estate attorney, tax advisor, or financial advisor for personal advice.