Should You Save for College or Retirement?
Parenting was once described to me as "the most wonderful, financially devastating thing that you'll ever do to yourself." Raising kids is an expensive endeavor, and then there's college to think about, usually just as you're nearing a crucial stage in your own retirement planning. Should you save with your kids in mind or focus on your own needs? With some careful planning, you won't have to choose.
The days of affordable education are gone. Since 1978, the cost of attending college has increased by an astounding 1,225%. According to the College Board, tuition and fees for the 2016-2017 school year for a public, four-year university averaged $9,650 for in-state students and $24,930 for out-of-state, and private university students paid $33,480. These numbers aren't slowing down: By 2037, analysts estimate that a four-year degree will cost nearly $500,000, assuming a conservative 5% annual increase in education expenses.
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Source: Fool.com
