Most parents want to pay for their childrens college education, or at the very least help pay for college. While it would be great for your children to be able to start like after college without student loans to pay off, the cost to parents may be too high.
The average annual cost of a 4-year public college is $12,127 (source: The College Boards Annual Survey of Colleges, 2005-2006), with 4-year private schools averaging $29,026 a year. College costs have been outpacing inflation by rising over 5% per year.
On the other hand, saving for retirement has become even more important as companies have started freezing or eliminating pension plans, and the future of Social Security continues to be uncertain.
Paying for both college and retirement will be challenging for most parents. Here are some suggestions to help you to achieve both goals:
Have a plan. You should determine how much you will need for retirement and how much you anticipate your children will need for college.
Start saving as soon as possible. Time is your greatest ally, whatever your savings goal. Figure out how much you are able to save each month, and setup an...
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