I didn't realize I was 'settling'. In the area of education saving accounts, this is what I'm eligible for. The returns on some funds are good.
Is there something that I'm losing out on because I'm contributing to this?
What I meant to say is that you can invest in the 529 of ANY state, but you will only get the tax deduction on the $10,000 if you invest in the NY state plan. All other benefits should be the same.
Would it be worth it to at least look at what other offerings are out there, rather than just go for what NY State offers? (ETA: based on a cursory online search, it seems like the NY plan is actually quite highly rated, so combine that with the tax savings and you might have a winner - if you like 529 plans).
Granted, the benefit here is immediate, so there's a good reason to take the ודאי benefit over any שמא advantages of other plans. I think you might also be able to roll over from one plan to another down the road.