Saving for College vs. Saving for Retirement: Which Wins Out?
I’ve written before about the saving for college vs. saving for retirement debate and how they can co-exist. When you bring up the question you usually get an emotional answer. I get that. It would be foolish to think that emotions aren’t part of the decision.
However, I’ve learned over my years that if you want to make balanced financial decisions, logic needs to be part of the process.
As a parent, you’re hard pressed to find something (save for buying a house) that can be as costly as saving for retirement or for college. They’re two competing forces that require our attention. They also pit our needs, to a certain extent, against the long-term needs of our children. I’ve spoken with countless people who have been on either ends of the extreme who have ignored one over the other. I have also spoken with those who have taken a more balanced approach. While it might be a simple decision for some, for many it’s not.
If you’d like to read more on our approach in the saving for college vs. saving for retirement debate, please check out my latest article over at Daily Finance.
Photo courtesy of: Nazareth College