If someone were to ask you this question, “Which is more important, saving for your own retirement or saving for your newborn’s college education,” how would you answer? If you’re like most people, you would prioritize your child’s education, putting their needs before your own. Makes sense, right? That is the essence of good parenting.
The truth is, the smarter financial decision is to prioritize funding your retirement. Why?
Retirement is harder to fund. Creating an income stream that will last your 30 or 40 years is much more difficult than funding four years at a higher education institution. Rather than simply putting your child’s education ahead of your own retirement, you should create a plan that helps to fund both, taking advantage of all the resources at your disposal.
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