How can we best give life to two of our biggest goals: A healthy retirement for ourselves, and a successful financial start for our children?
We’ve heard from so many of our HerMoney listeners this year as you navigated uncharted waters with your jobs, families, savings accounts, and so much more. But even though this year brought a lot of new financial questions into our scope of consideration, we also know that a lot of the old ones linger… And there’s perhaps no bigger one than the question of prioritization, specifically, how best to give life to what are often our two biggest goals: A healthy retirement for ourselves, and a successful financial start for our children.
Because the truth is that with college costs soaring — as we heard from Ron Lieber in episode 254, to as much as $300,000 for four years of private tuition — we just can’t “do it all.” We can’t give our kids a fully-paid college experience, and ensure that our own futures are as secure as they need to be. So, what do we do? How do we juggle saving for college and retirement, and get it as “right” as we possibly can? You probably already know that there are no one-size-fits-all answers, but there are some answers, and we were excited to dive into them on our special Mailbag-only episode all about college and retirement.
We hear from a mom in Maryland who is wondering if, with the changes to 529s as part of the tax cuts a couple years ago, she should use her savings to fund elementary school tuition. We also hear from a listener who is curious if she should be contributing to her other savings goals — like her girls’ 529 plans — even though she’s not currently maxing out her 401(k).
We also hear from a member of our private HerMoney Facebook group who will be hitting college expenses for two and retirement in quick succession. She’s wondering how to save for her situation. And we check in with a woman who is turning 50 and is wondering how a single mom can best save for her children’s education. Lastly, a listener asks if she and her husband have enough insurance money for their boys, in light of their impending college needs.
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All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416
