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I am not at this point in my life, but as someone who will hopefully retire one day, as well as someone who will possibly have kids one day, this article brings up some good points which cross over both subjects. We all know, higher education is absolutely expensive, and it is becoming more and more difficult for families to save up for such a thing, especially middle to low income households. Then again, saving for 25 years of retirement income is a lot harder than paying for a four year college. At least there are grants, loans and scholarships for college.
So what does the article say? You should save for your retirement first. For example, let's say it costs 80k for four years of college. Now, let's say you have an annual income of 50k. If you're determined to replace that income after you retire at the age of 60, it's going to be rather difficult. So if you live until the age of 85, then you'd be looking at having to save $1.25 million for your retirement, and that's not even accounting for inflation.
You should consider loans, grants and scholarships at least to pad the college budget. I think the population of those who saved and drop cold hard cash on their kid's education is getting smaller by the year. Have your kid look into AP classes, community college classes, or, perhaps have them join the armed forces and have them take advantage of the Post 9/11 G.I Bill.
College aid formulas do not count what you already have in your 401k, IRA or any other retirement account. The article states that you should put your funds into your 401k, then fund your Roth or traditional IRAs, which can be used for college if needed.
So there you have it, does anyone else have any other strategies that I have listed here?