A 529 plan is a product that offers tax breaks to parents saving for college — if they use the tool to nest money for their kids’ educations.

How advantageous is it, though, in the long term?

Ethan Gilbert, a partner at Rialto Wealth Management, says that 529 limits for tax breaks in New York are $10,000 per married couple or $5,000 individual annually.

For those looking for an alternative to a 529, Gilbert says the main alternative is saving in a brokerage account. A Coverdale ESA is another alternative. It’s a college savings plan with contributions limited to $2,000 annually for a tax break. Gilbert says it offers more flexibility for ways to use it once your child graduates high school.

“Being able to save in a 529 is not a luxury most Americans have. And the most important thing for a couple with young children or even children in their teens is to make sure they are taking care of their retirement first,” Gilbert said. “A line people in the investment business like is ‘You can always borrow for college, but you can’t borrow for retirement.’ I would advise people to take care of themselves and try to ensure they won’t be a burden on their child in 50 years as opposed needing to help them for college today.”

Gilbert adds that many career paths end up with their college loans forgiven because they are needed so badly. Student loan repayment plans and public student loan forgiveness plans are relatively new, and they’re more generous than a lot of people realize.