{"id":13266,"date":"2023-05-24T16:34:08","date_gmt":"2023-05-24T20:34:08","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/parents-do-you-save-for-retirement-or-pay-for-your-childs-college\/"},"modified":"2023-05-24T16:34:09","modified_gmt":"2023-05-24T20:34:09","slug":"parents-do-you-save-for-retirement-or-pay-for-your-childs-college","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13266","title":{"rendered":"Parents, Do You Save For Retirement Or Pay For Your Child\u2019s College?"},"content":{"rendered":"<div>\n<p>For parents, trying to navigate retirement savings and college tuition at the same time\u2014while also having enough money to cover expenses and keep a decent quality of life\u2014can feel impossible. As a financial advisor, I am often asked some form of this question: Should I put off saving for retirement to save for my children\u2019s college or continue saving for myself and let them take out student loans?<\/p>\n<p>I will never have a \u201cone size fits all\u201d answer to this, but I can help you think through it for yourself.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Putting yourself first is not selfish.<\/h2>\n<p>\n <span>ADVERTISEMENT<\/span><fbs-ad position=\"topx\" batched=\"\" ad-id=\"article-0-topx-1\" data-double-progressive=\"\"><\/fbs-ad>\n<\/p>\n<p>This is the first thing I want you to realize. I often compare retirement savings to the airline safety speech you hear when you fly.<\/p>\n<p>\u201cIn the event of a loss of cabin pressure, secure your own oxygen mask before assisting the children traveling with you.\u201d<\/p>\n<p>As a father, I cannot imagine how I would focus on my own safety before my daughter\u2019s, but there is a reason they tell you this. If you delay putting on your own oxygen mask and end up losing consciousness, you will be of no help to anyone. If you take the time to secure your mask, you will be able to help your child and both of you can arrive safely at your destination.<\/p>\n<p>The same goes for your retirement. It\u2019s natural to want to give your kids everything, but if you do so in lieu of funding your own financial future, you\u2019ll only end up living in your kid\u2019s basement when you retire and that\u2019s not the future either of you want.<\/p>\n<p>\n <span>ADVERTISEMENT<\/span><fbs-ad position=\"topx\" progressive=\"\" ad-id=\"article-0-topx-2\" data-double-progressive=\"\"><\/fbs-ad>\n<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Considering student loans.<\/h2>\n<p>Helping with your child\u2019s educational expenses does not have to mean footing the bill while they\u2019re in school.<\/p>\n<p>If you choose to fund your own retirement and build your own abundance and your own path to financial independence and there\u2019s a student loan for some or all of the educational expenses, you can put yourself in the position to help make those loan payments later.<\/p>\n<p>Financially, it is possible to borrow for almost everything in life\u2014except retirement\u2014which is why you need to prepare yourself to cover all of your own expenses when you no longer have a steady paycheck.<\/p>\n<p>\n <span>ADVERTISEMENT<\/span><fbs-ad position=\"topx\" progressive=\"\" ad-id=\"article-0-topx-3\" data-double-progressive=\"\"><\/fbs-ad>\n<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">My ideal scenario.<\/h2>\n<p>The ideal scenario is to have the wherewithal to save for retirement and education simultaneously and to start saving as early as possible in your career. And it is always best not to require student loans and to find an affordable educational option. That said, if you aren\u2019t in the ideal scenario, I do think it\u2019s better to borrow for school\u2014particularly if you can qualify for a subsidized loan\u2014and to continue to fund your retirement. When you\u2019re funding your 401(k), a lot of times there\u2019s an employer match or a profit share or other types of contributions on your behalf. If you don\u2019t contribute, sometimes that means your employer is not contributing on your behalf, so you\u2019re literally walking away from some of your income.<\/p>\n<p>On the other hand, if you have no student debt, but your 401(k) is not adequate, you might have to work longer than you\u2019d like, or you might never reach financial independence at all. To me, that is an enormous risk that it is better to avoid.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The lesson:<\/h2>\n<p>We all want the very best for our kids and to have them get the best education they can without being saddled with debt. Unfortunately, when you have multiple financial obligations and finite resources, which we all do, it\u2019s important to pick your own retirement first simply because you can\u2019t borrow to do it.<\/p>\n<p>\n <span>ADVERTISEMENT<\/span><fbs-ad position=\"topx\" progressive=\"\" ad-id=\"article-0-topx-4\" data-double-progressive=\"\"><\/fbs-ad>\n<\/p>\n<\/div>\n<div>\n<p><em>The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.<\/em><\/p>\n<p><em>Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA\/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Brotman Financial Group, Inc. and BFG Financial Advisors are not affiliated with Kestra IS or Kestra AS.<\/em><\/p>\n<p><em>Investor Disclosures: https:\/\/bit.ly\/KF-Disclosures<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/ericbrotman\/2023\/05\/24\/parents-do-you-save-for-your-own-retirement-or-pay-for-your-childrens-college\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For parents, trying to navigate retirement savings and college tuition at the same time\u2014while also having enough money to cover expenses and keep a decent quality of life\u2014can feel impossible. As a financial advisor, I am often asked some form of this question: Should I put off saving for retirement to save for my children\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-13266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parents, Do You Save For Retirement Or Pay For Your Child\u2019s College? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"For parents, trying to navigate retirement savings and college tuition at the same time\u2014while also having enough money to cover expenses and keep a decent\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=13266\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parents, Do You Save For Retirement Or Pay For Your Child\u2019s College? 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