What Comes First: Saving for College or Retirement?by Tim Manni
As parents, should your top financial priority be saving for your child’s college education — or for your own retirement? Parental instincts will always tell you to put your child’s need before your own, but in this case they may be wrong.
Financial expert Clark Howard says always remember this: “There are no scholarships for retirement.”
Today’s adolescents have several options to pay their own way through school. There are scholarships, grants, student loans, work-study programs, and employment opportunities. Community colleges, the military, as well as public service can also help reduce the cost of higher education.
It may not sit right parents, but this is an instance where you may need to put yourself first.