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As some Gen Xers watch their kids grow up, they wonder if college should take priority over retirement. If you happen to be thinking along these lines, there are reasons you may want to think twice.
More than 90% of American families see college as “an investment in their future.” However, you don’t necessarily have to choose between your retirement strategy or helping your kids finance college.1
There is no “financial aid” program for retirement. There are no “retirement loans.” As important as your children are to you, they have their whole financial lives ahead of them. If you have to focus on either providing for yourself or for your children, it’s wise to put yourself first.
Your retirement strategy is the starting point of this process. Work alongside a financial professional to invest and save. Ask about the products and practices that match your goals, risk tolerance, and the time horizon you have in mind. With your priorities in place, you can apply what you've learned to college savings. If you have the right help and a strategy, you can potentially do both rather than favor one path over the other.