We all know when it comes to saving, it’s never too early to start. But life has a way of moving on with or without plans for college and or retirement savings. No matter where you are in the college process or your financial circumstances, beginning now or reevaluating an existing method makes great sense and cents. That’s because chances are costs have risen more than you expected. It’s also a warning to prepare children with the life skill of saving.
Forbes’ article, How To Save For Both College And Retirement, outlined recent surveys for parent perspectives about saving for both. Many think this is an an oxymoron. About half are saving less than past peers, plan to delay retirement, or use retirement savings for college. The goal of the latter is to avoid students becoming college loan victims like those trapped in the student debt crisis. But parents and students must remember there is no loan for retirement.
Forbes gives eight tips for how to manage savings for both college and retirement. This is something many millennials who watched their families suffer through the recession are doing.
Need more motivation to save? Below is an interesting Infographic about the cost of financial procrastination from Financial Engines, America’s largest independent investment advisor. “Our survey polled a nationally representative sample of adults ages 55 or older. The categories of household income of the respondents span from less than $35,000 to over $100,000,” according to a Financial Engines representative. Check out the dollar difference delaying can make and get started now. Time literally is money.
Read Suzanne’s post: Saving for College
Saving for College
Wednesday’s child may be full of woe but Wednesday’s Parent can substitute action for anxiety. Each Wednesday Suzanne Shaffer and I will provide parent tips to get and keep your student on the college track. It’s never too late or too early to start!
The bonus is on the fourth Wednesday of each month when Suzanne and I will host Twitter chat #CampusChat at 9pm ET/6pm PT. We will feature an expert on a topic of interest for parents of the college-bound.
Wednesday’s Parent will give twice the info and double the blog posts on critical parenting issues by clicking on the link at the end of the article from www.pocsmom.com to http://www.parentscountdowntocollegecoach.com/ and vice versa.