Paying for College vs. Saving for Retirement, Round 1

Worries about paying for rising college costs can be compounded by concerns over saving for retirement.  As seen in the chart below, with average retirement savings of people aged 45-54, the general age range of parents with college-aged children, at $10,100, can explain parents’ concerns.   The Baby Boomer group just ahead in age (55-64) has only accumulated $2000 more, on average–not creating much more security.

Avg Retirement Savings

Retirement savings and college expenses can seem to be competing interests within one family budget, especially as median incomes are lower than 5 years ago. However, planning forward and having frank conversations amongst the entire family can help both parents and children achieve their goals.

For more information, see our previous guest post by Certified Financial Planner, Cynthia S. Meyers

Photo Credit: The Burning Platform Blog

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About Jill Yoshikawa, Ed M, Partner of Creative Marbles Consultancy

Jill Yoshikawa, EdM, Harvard ’99, a seasoned, 25 year educator and consultant, is meticulous in helping clients navigate all aspects of the educational experience, no matter the level of complexity. She combines educational theory with experience to advise families, schools and educators. A UCSD and Harvard graduate, as well as a former high school teacher, Jill works tirelessly to help her clients succeed.
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