Save for college without hurting your retirement

Struggling to figure out how they'll pay for rising college costs, some parents are willing to dip into their retirement savings and delay retirement but may not realize that in doing so they may be jeopardizing their own financial security.

Some parents may not mind delaying retirement or may believe that using their retirement fund is the best alternative to help their child pay for college. More than half of parents recently surveyed by T.Rowe Price agreed that they'd rather dip into their retirement savings than have their child take out student loans. Parents worry about the long-term impact of student loan debt. Two out of five parents who used student loans to pay for their own college education said their payments have impacted their ability to save for retirement, according to that survey.

Continue reading the source article at CNBC.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

220 Monmouth Rd

2nd Floor

Oakhurst, NJ 07755