Should you focus your savings towards your retirement or save for kids’ college?

When planning for your future, there is always some confusion about balancing savings for multiple goals simultaneously. The major dilemma falls on parents when contemplating whether they should allocate their savings dollars towards future retirement dreams or start socking away funds to pay for their child’s college tuition bills. While sorting out these two competing priorities can feel overwhelming at first, we’ve laid out 5 rules to follow when faced with this tough decision.

Brandy Branstetter, CFP®May 20, 2021financial planning, finan, financial planner, financial plan, college, college contribution, college tuition, college planning, saving for college, 401k, roth ira, parents, mom, dad, student, student loans

How Much Should Parents Contribute to College?

The rising costs of college is a topic that most parents grind their teeth thinking about when it comes up. CNBC reported that the value of student loans parents are taking on for their kids has skyrocketed in recent years. In financial planning discussions with parents, I find we spend most of their time discussing their children's education over just about any other topic. The reasons are clear parents want to give their kids every opportunity at success.

Andrew Comstock, CFAMay 11, 2021College Savings, college tuition, college planning, college contribution, student loans, fafsa, saving for college, financial planning, financial advisor, financial goals