The title sounds like that old joke about what comes first; the chicken or the egg?
I have been going through this dilemma myself over the last few years. I have one son in a New Jersey prep school this fall. He will be in college the following year.
Right behind him is his sister, who is a senior in a Minnesota high school this fall. She will be a college freshman the same year as my son. I will have two kids in college at the same time for at least four years.
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My financial priorities have been clear for the last several years. Several of my clients have had to make this same set of decisions before. I have learned my lesson well from their experience.
My kids can always get a loan for their college expenses. I have never heard of a loan for retirement.
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I have maximized the amount of money that I put in my company 401(k) retirement plan every year. And I will continue to do so until I retire.
If my kids need help paying off their college loans in the future, I can always help them retire their loans as soon as possible.
My retirement comes first. My kids’ college expenses come second.