Saving for your children’s education or your own retirement – how do you decide which is more important?
An easy answer is that a typical retirement will generally last longer and cost more than your child’s education. If you cannot adequately fund both, maximize your retirement savings first. There are far more options for your child to finance his or her college education than there are for you to fund your retirement.
However, We would take it further than that based on several other factors: Your current age, the amount of retirement savings you already have, the number of years to retirement, etc. Additionally, no one saves as much as they actually can afford. We would want to work with you to find ways you could increase the amount of funding you think you can afford and fund both to some degree based on that.
SAVING FOR RETIREMENT AND COLLEGE IS SO IMPORTANT!, But far too few families have made it a priority. And far too many families think there is more assistance for paying for college than there actually are. Really smart kids at the top of their class get decent scholarships, poor families get very good need based assistance….everyone in the middle does not get much assistance when college easily runs $25,000 a year. We can help you find the money to save that will make you feel rich in the future when you do not fork out $2,000 a month to pay for college or leave your kid with massive debt that will financially strap them for years to come.