Three things to consider before dipping into retirement savings to pay for college.
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According to one study, two-thirds of families say they would use their retirement savings to pay for their child’s college education if necessary. This raises the question, should you tap into retirement savings in order to fund your child’s education?
Here are three things to consider before you dip into that pool of money:
Retirement is a necessity, but a parent-funded college education is a luxury. Your security during retirement should be your first priority.
There are many ways to fund a higher education. Scholarships, grants, help from extended family, and the contribution of the student, are all potential ways to supplement the expense of college.
Consider a less expensive college option. Fulfilling some requirements at a junior college, or choosing a state run school, may lower the total expense.
We may be able to help you shore up your resources for retirement and college costs, but it is important to start now.
Call today and let’s talk about it.
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