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Techgeekz

IT & Software

Saving For Retirement Or Saving For Children's College

Saving For Retirement Or Saving For Children's College

How long do I have to save for retirement?

How long do my children have to save?

Can my children learn and watch now?

Your own retirement should always be prioritized over your child's education funds

1. Your child is younger. They can catch up

2. If you do not have a retirement, your child may need to help you, which creates a burden for them and an even shorter horizon for them to invest for you

3. Your child can save on education costs by attending a community college and then transferring after 2 years, attending local/ publicly funded schools, and applying for scholarships

That being said, you don't need to have a fully funded retirement, to start contributing to your children's education.

1. Use an online calculator to ensure you're on track. Example: if investing 20% of income a year finishes your retirement fund, then any more savings above that can go to children

2. Not sure your children's education withdrawals qualify? 529/ESA contributions are subject to some taxes and a 10% non qualifies penalty, so if you're unsure, put excess in a brokerage

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