How Do I Plan For My Future While Funding For My Child’s Higher Education?
There’s no question about it! You love your kids and will do whatever it takes to meet their needs. Being a parent means that there’s nothing you wouldn’t do for them but now there is a family financial issue. You’re starting to feel the pinch as you are getting older and so are your kids. College is expensive but so is providing for one’s financial future. How do you handle being sandwiched between saving for your retirement while funding your child’s expected higher education costs?
It’s a delicate situation that affects millions of US families. Raising a family is expensive and there’s a limit to the funds available to spread around. What do you do? Do you sacrifice one goal for another? How do you solve this seemingly impossible solution?
This is where a financial planner will help you set your priorities by:
- Helping you to identify a limit to the amount of help you provide for your children.
- Creating a financial plan to meet your short-term and long-term goals
- Then identify the amount that you need to save wisely for both your retirement and your children’s higher education costs.
An important part of the planning process is to set a limit on how much you are going to help your children. Remember that college kids have other options, such as scholarships and applying for student aid and loans. You must plan for your income in retirement and save accordingly, there are no scholarships in retirement. Think of it this way, what do they tell you on an airplane when you fly: You need to put the oxygen mask on your own face, before putting it on your child's.
As you can see, it is important to save wisely in order to meet your goals. Secure Planning Strategies was established over 25 years ago and can help you navigate the planning process designed to meet your goals. To set-up your future protecting consultation, please give us a call at: (248) 827-2580 or e-mail us at [email protected] .