Parents Are Sacrificing Retirement to Help Kids Avoid Student Debt

Many parents are frightened by the idea of their own kids being among the millions of college graduates saddled with student debt. That's motivating a large number of them to do whatever it takes to help their children pay for college. However, some parents may be taking that notion too far.

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Giving up some retirement income to help your children avoid student debt may be a noble thing to do in theory, but it's a very foolish thing to do in practice. Here's why: Your children have the option to take out loans for school when they're young. They can work hard and pay back that debt over time. On the other hand, you may not have many working years left to save for retirement. If you remove money from your nest egg to help your kids pay for college, you'll risk not having enough savings to cover your golden years.

Source Fool.com