When it comes to providing, a parent’s job is never done. Food, shelter and clothing barely scratch the surface. What about college, weddings and help as children start their first careers? Balancing those latter costs with the priority of saving for your own future costs, like retirement, is tricky at best. I spoke with investors who proudly admitted they had saved up a significant amount of money for their children’s college education at the expense of their own retirement savings. While I applaud the desire to help your child pay for college, I believe it shows a misaligned priority and one that my wife and I hope to avoid. I’m not saying that we’re aiming to be part of the 50 percent of parents who aren’t saving for college, but simply that, as a priority, college savings must come after saving for retirement. Retirement Planning Should Be Job No. 1 I know this isn’t a popular statement, but it’s my opinion that retirement planning should be the primary concern of most parents, with saving for college being a distant second. The average millennial will need at least $1.6 million if they retire at 65, so it’s safe to say that regardless of your age, you’re going to need a sizable chunk of money to enjoy a relatively secure retirement.
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