Parents: Pay for a College Degree or Retire Comfortably?

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So…  Do you help your children cover the expense of a obtaining an undergraduate education?  Or, do you focus on ensuring an affordable, comfortable retirement for yourselves?

At some point, every parent will face this dilemma, as more than 70% of families haven’t saved nearly enough to help cover the cost of a 4-year degree, let alone the time they will spend in retirement.

In fact, when surveyed, more than 57% of parents indicated they would raid their retirement plans to ensure their children obtained a college degree with as little school debt as possible.  Then, they’re left wondering how they’ll ever be able to save for, let alone, enjoy retirement.

Many financial professionals insist parents focus on themselves first, saving for retirement (they typically mean “investing” – there is a very distinct difference between the two).

Then, once retirement has been addressed, focus on how much assistance can be provided for the expense of education.

Is this smart?  Focusing on one at the expense of the other.

I guess it depends on your family’s specific circumstances.

But, why not do both?  Why not save for both college expenses and retirement?

It need not be one or the other…

Why not develop a strategic, family-specific plan designed to help your family cover the expenses associated with a 4-year undergraduate education for each of your children while protecting and preserving an affordable, comfortable retirement for yourselves?

Contact our Professional College planners to schedule your family’s FREE evaluation.  We can help you develop, implement, and follow the right plan for your family.

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