Blog
May 28th, 2009

What Comes First: Saving for College or Retirement?

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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.

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2 Responses to “What Comes First: Saving for College or Retirement?”

  1. Lucia Says: May 28th, 2009 at 8:35 pm

    As a parent of grown children, I agree. If parents have instilled a solid work ethic in their children, there will be no door closed to them. However, in as parents age their ability to support themselves diminishes and they should use their remaining working years to prepare for that.

  2. Tim Manni Says: May 29th, 2009 at 11:13 am

    Lucia,

    You said it perfectly and I think Clark Howard would agree. Parents can provide financially for their children up to a certain point. But their real dedication should be, as you say, “instilling a solid work ethic.” After that, it’s up to the kids to make it on their own — that’s the best education.

    Thanks for sharing your opinions, I think many more will agree. Always great hearing from you,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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