Click on the boxes to see what financial professionals say.
Saving for your child’s college
As a parent, it’s natural to put your kids’ needs ahead of your own. However, Financial Advisors generally say that saving for retirement should come first. The reason? You can borrow to pay for college, but you can’t borrow for retirement.
*Based on rate of 8% return compounded annually for 40 years.
Saving for your retirement
It’s true. You can borrow to pay for college, but you can’t borrow for your retirement. So financial professionals may ask you to max out your retirement savings accounts before putting money away for college.