A. Put the kids through college
B. Save enough to retire
Choose oneAbout 50 percent of parents choose plan A. Conventional financial planning wisdom says that's usually a mistake. See Will Kids Ruin Your Chance at Retirement?
Choose B and the kids will rack up a mountain of debt, currently averaging somewhere around $25,000 for new grads and growing yearly.
Those who have already chosen Plan A may benefit from SmartMoney's imaginative new guide to retirement destinations: places mostly likely to offer part-time jobs.
Those who chose plan B at least know where their children are: either back living at home or Occupying Wall Street.
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Warning: Readers who have recently seen their kids graduate with minimal debt should not assume they have dodged the bullet. Grandkids ahead.
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1 comment:
You didn't include Plan C. Save for Retirement and put your kids thru college! It is possible to do both if you manage your money correctly and have a well planned budget each month. I don't agree it has to be one or the other.
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