Jul 28, 2020
This week I’m talking about how to pay for your kid’s college bills and save for retirement at the same time. Most parents get slammed with tuition bills just before retirement, when you should also be socking away as much as possible for your own retirement.
Today I want to talk about why these 2 competing priorities are such a challenge - not just because of the financial strain it often causes, but also because of the real heartache and feelings of guilt it can cause when you can’t support your children through college in the way you hoped.
I was talking with a dad of a high school junior not too long ago, and he made a promise to his daughter that he would pay for half of her tuition. But this was a promise he couldn’t keep. His income was not high enough to cover half of her college bills. He is a single, working class man and it just wasn’t going to pencil out. Not only that, but he was saving nothing for retirement at the time, and he would have needed to go deeply into credit card debt or work 2 other jobs and never sleep to make good on that promise.
Paying for college and reducing or eliminating the need for your children to accumulate student loans is an incredibly loving sacrifice that you can make for your children, so I completely understand his conviction about making good on his promise.
That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.
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