As the school year approaches, many parents are faced with the daunting task of saving for retirement and their children's education at the same time.
Being a parent is one of the most rewarding experiences life has to offer. However, it does bring its challenges and responsibilities, including saving for retirement and your child’s college education simultaneously. When you stop and look at college tuition prices, it’s easy to get overwhelmed with the thought of saving for both. Our financial advisors have worked with many families in this position, and have some tips to help you get started.
Put Yourself First
With fewer of us receiving pensions and Social Security’s future in doubt, saving for your retirement may be your only significant source of income in retirement. There are grants, loans, scholarships and other ways of funding college, but there are no retirement loans. Your child will also have an...