Summary
Parents often struggle to balance saving for retirement with helping their children afford college. HerMoney advises prioritizing retirement because reducing 401(k) contributions or withdrawing funds can sacrifice investment growth, compound interest, and employer matching contributions. Instead, parents can use 529 college savings plans and encourage family members to contribute. Open conversations with children about available funds and college costs can also help families consider scholarships, affordable schools, part-time jobs, work-study programs and tuition assistance. Financial experts stress that parents should avoid compromising their long-term financial security. By setting realistic priorities and involving children in planning, families can manage college expenses while protecting their retirement goals.
Her Money
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