Let’s say you’re like me and you have very little wiggle room in your budget: maybe $100 dollars to sock away each month. And everyone keeps talking about 401Ks and 457s and 529s. You get so stressed because not only do you feel behind the game, but confused about how to even play the game.
With an almost desperate air, I used to pose the retirement vs. college question to any financial adviser I could grab. No one would give me a satisfying answer. Finally, my shoulders dropped an entire inch when I read this tenet in Money magazine. More at Parentables…
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“Saving for your own retirement is more important than saving for college” has the same principle as “paying yourself first” so you should save up on retirement(yourself) first before funding for college.
elder financial abuse