MONEY MATTERS: Paying for your children’s college vs. jeopardizing your retirement
COLUMBIA, S.C. (WIS) - As many high school seniors prepare to graduate many parents are wondering if they can pay for their child’s college without jeopardizing their retirement. Josh Bradley of Capital City Financial Partners says for most parents the answer is yes.
“The first step is to always understand where you stand on your progress toward retirement. Then you can focus on college savings. The best thing we can do for our kids is to not necessarily pay for their college but to not be a burden to them later in retirement because we mis-planned our expenses for retirement,” Bradley said.
Bradley also says it isn’t your obligation to pay for your kids’ college, but you are obligated to help them plan and prepare for such a big life decision.
“It is our obligation to show them the best habits and ways to look at financial decisions. It is definitely an obligation to sit down with our kids and discuss their goals and objectives for college, help them understand the value of certain universities to their majors and careers as well as analyzing the cost and how to pay for it, whether that’s loans, working, or scholarships, " Bradley said.
The Certified Financial Planners website, the SC Future Scholar website, or talking with a financial planner are all great options, Bradley says, if you need help planning for college or retirement.
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