There is a deep, deep instinct within parents to care for their children. Every parent I’ve ever known wants their children to have it better than they did.
Often this means Mom and Dad sacrifice for their children. These sacrifices can be small such as not ordering dessert when eating out or driving the old beat up (paid off) car one more year before buying something manufactured in the last 5 years.
Other times the sacrifices made by parents can be financially devastating.
The desire to provide for children is so strong that choices are made that can make things worse than they need to be.
The classic question of saving for your children’s college funds or for your retirement falls right in line with this idea. Is it a terrible idea to set aside your retirement needs to save some extra dollars for the college fund? Or can you justify putting off retirement savings to make sure there is enough money to pay the college bills?
Deciding Whether to Save for College or Retirement
Here are 6 factors to consider when making the decision of whether to save for college education costs or your retirement.