Retirement Or College Funding? What To Do Now

For millions of American families, one of the most vexing financial questions is: Should I save for retirement or fund college? Can we do both?

The question is not an easy one, because of course, you need to do both. Yet the right answer is often a simple one when you consider the financial liability of choosing one over the other.

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Damian J. Sylvia

Retirement Income Solutions 

220 Monmouth Road

Oakhurst, NJ 07755

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.

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Damian J. Sylvia

Managing Partner

Retirement Income Solutions

220 Monmouth Rd

2nd Floor

Oakhurst, NJ 07755