Lately I have seen many personal finance advisors are saying that it is better to get our retirement saving rather than children college education saving. And here’s why:
There are no scholarships or student loans for retirement. Moreover, if our child does have to get debts for college, they’ll have many, many years to earn their way out of it, whereas when the children go off to college, you won’t have too many years to keep saving for retirement.
On paper, the argument does make a lot of sense. On paper.
This equation leaves out an enormous human element. For many people – myself included – retirement isn’t the big ultimate goal. I might like to think about retiring a bit early, but my big motivation in life isn’t related to retirement at all.
