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4994 Lower Roswell Road NE, Suite 4, Marietta, GA 30068

 

Phone:  770-971-9141

 

Email: ifp@incompassfp.com

May/June 2022

Balance Saving for College and Retirement

Balance Saving for College and Retirement

As a parent, you need to think further ahead than summer camp. When it comes to choosing between saving for a child’s college education or saving for retirement, remember that there are no loans for retirement if you come up short on your savings. While there are no hard and fast rules about prioritizing your savings, the usual recommendation is to put aside money for retirement first. Your personal circumstances should be your guide.


How Much Have You Saved?
If you already have significant retirement savings, you may be able to direct more money toward saving for your children’s college expenses. However, make sure you’re still contributing enough to your company’s retirement plan to take advantage of employer matching funds.

Contribute to a 529 Plan
A 529 plan allows you to make after-tax contributions to an investment account on behalf of a designated beneficiary. One upside: Parents may be able to contribute less if others are chipping in. Grandparents, other relatives, and friends can contribute to the account. Withdrawals are tax free if they’re used to pay qualified education expenses.


Other Payment Options
There are a variety of ways to pay for college, including financial aid, loans, and work study. In addition, many organizations offer scholarships to students whose interests align with their mission. Work with your school’s counselor throughout high school to help ensure your student is performing community service and other activities that will help when applying for scholarships.


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