How Much Should You Save For College Or For Retirement?
Retire On Track LLC.
It's difficult to know whether to save for the costs of college or for retirement. You want to be sure that your kids -and even your grandkids -can afford the college education that will help them get ahead. But you also need to be sure that you have all of the money that you need when you retire -money to travel, or for unexpected expenses, or to just be able to have the freedom to live our the retirement you've always dreamed of having.
It sometimes feels like no matter what you do you're not going to be able to meet all of your obligations. Maybe it feels selfish to save for retirement when you need to have the money to help put your kids through college. Maybe you're afraid that if all of your financial planning is focused on paying for your child's education you will never be able to have the money to meet your obligations after you're no longer working.
That conflict is enough to make you feel stuck. It's enough to make you feel like, no matter what you do, you won't be doing enough. That conflict is enough to leave you feeling frustrated and discouraged.
But there is something that you can do. It's something simple, and it will help you to make sure that you are saving for your future and all of the expenses that go with it -from the day to day things to college to retirement.
It's helpful to try Bob's free retirement calculator by clicking on the blue button at the bottom of this page. How will the calculator help you to find a way to save for college and save for retirement? Well, it will allow you to evaluate your goals and your investment strategies.
But more than that, you will be able to use it to see how each of the stocks, bonds and mutual funds that you've invested in performed over time. You'll be able to look at projections for the ways that your savings and investments will work for you over the next 30 years -and know that those projections take interest rates and inflation into account.
When you've been able to examine the way that your savings and investments performed and will perform, you will be able to evaluate your financial planning strategy. You'll be able to make changes that will ensure that your financial goals are met -both the goals that involve college and for retirement.
But you'll be able to look into making those changes without worrying that you will somehow make the wrong choice. Because you are able to look at the ways in which savings and investments have performed and will perform, you will be able to evaluate potential savings and investments in the same way.
Once you understand your investments as well as the investments you are planning to make, you can speak one on one with a trusted financial advisor during a free consultation. Ask all of the questions you have, listen to the answers and take the advice that you get.
While you are speaking with a trusted financial advisor, you will be able to discuss your strategies, form a plan and work to put that plan into action. You'll be able, once you have an even better understanding of your savings and investments, to plan your financial future -saving for college and for retirement.
Let go of the frustration and discouragement of not knowing how you will save for both your child's college education and for retirement. Take the moment to click the blue button access Bob's free retirement calculator -take control of your financial future.
Find a Qualified Financial Planner in Your Area
Try Bob's free retirement calculator - The retirement calculator was featured on 'The Saturday Early Show' by CBS' top financial analyst just click the blue button below. Take control and reach your retirement goals and connect to a trusted financial advisor near you.