Should You Save For College or Retirement

Many parents want to send their kids to ivy league schools to give them the best education but many parents and their kids regret spending so much money when it comes to the parents retiring. Parents sometimes need help from their kids during retirement because their retirement savings were spent on children's education.
So the question is how do you save for your retirement and for your kids education at the same time? Or maybe do you put your retirement first or your kids education?
Some advice and insight into these questions is offered in this article.

Balancing Kids College and Retirement Saving
"It'’s the double-whammy of parenthood. You need almost $700,000 saved up if you want to retire today on a modest yearly income of $40,000. Meanwhile, the nation'’s most exclusive colleges cost more than $30,000 a year and you don'’t want to deprive your kids of the opportunity to attend.

Little wonder then that the two most frequently asked questions of financial planners are:

• Which goal is more important?
  
• How can I possibly save for both?

Somehow, parents of today with already grown children managed to accomplish this dual feat for the most part. You'’ve probably compared yourself to them and thought, “How come I can'’t do it too?” It'’s hard enough to accomplish one goal, much less two.

The real answers may make you feel better to know that you'’re not doing something fundamentally wrong that your parents did right. (It also gives you ammunition if they criticize you about your money management.) " MSN Money

# Retirement Planning