Is it worth opening a 529 if my child is only a couple of years from college?

It can still make sense, mostly for the state tax deduction rather than for investment growth. With a short runway there isn't time for compounding to do much, so you'd hold the money conservatively (a stable-value or short-term option) to avoid market risk right before you need it. But in states that offer a deduction or credit, running even planned tuition dollars through the 529 first can generate an immediate, guaranteed return equal to your state tax savings. Some families do this as a "pass-through": contribute, capture the deduction, then withdraw for qualified expenses. Confirm your state has no minimum holding period or recapture rule that would negate the benefit before using this strategy.