Towards the end of the year, many are undergoing an annual review of their retirement funds. It certainly was a tough year and one of the decisions many parents are grandparents are facing is the difficult decision to either save for retirement or use funds to pay for their children’s or grandchildren's college education. Here are some thoughts on the matter:
Prioritize retirement over education
In most cases it is more important to put the financial needs of retirement ahead of college education. Here's why:
Ways to plan for both
There are plenty of opportunities to fund both retirement and college education in a tax-advantaged way. Consider funding basic retirement needs first, then look at educational savings accounts and related programs. Here are some suggestions:
Making financial decisions like this can be tough, but with proper planning and insight, a path that works for you can often be found. Call if you want to discuss your specific situation.
Out of an abundance of caution we have closed our office to any in-person meetings. We continue to work and ask our clients to upload their documents to us and chat over the phone as needed. We are also accepting documents by drop off or snail mail. Of course, you can always call us 425-640-8660LEARN MORE