Worried about your 529 college savings account? Here’s what financial planners say to do.

The stock market’s wild ride is having an impact on families who use a 529 college savings account, a tax-free way for parents to save for educational expenses.

CBS News New York’s Carolyn Gusoff asked financial planners what they advise.

What to do depends on when you need the money

There are 17 million active 529 accounts. These plans have been riding the same roller coaster that’s impacted retirement savings.

What to do now depends on when you’ll need the money.

Wealth advisor George Elkin says if you have a decade or more, don’t sweat the ups and downs. Consider taking advantage of a bear market.

“If you have at least 16 years, really, before we’re going to start pulling out money, it might just turn out to be a terrific opportunity to be buying these things on sale,” he said.

There are steps you can take now to lower future risks. For example, consider age-based investments.

“It will be riskier and more aggressive the longer the time horizon, and then it will tilt towards more conservative allocations closer to when those tuition bills will be coming in,” said Hofstra University finance professor Dr. Andrew Spieler.

Don’t be impulsive, experts warn

If you’re already paying for college and seeing a loss, Spieler says, hopefully, “you have a little bit on the side or maybe enough to cover the next semester where you don’t have to withdraw when the market is low.”

Remember, you don’t need it all at once.

“Perhaps just set off enough money to take care of this year and let the balance continue to hopefully grow,” Spieler said.

Experts warn don’t be impulsive and cash out while the market is down, guaranteeing a loss. You can use a 529 for a younger child or a grandchild, giving it time to recover.