Raising a family means you have to juggle numerous financial responsibilities at once. You not only have to worry about your own needs and retirement, but have to handle the expenses and costs of your children as well.
While there are many costs that are obviously non-negotiable when it comes to this juggling act, it can get confusing when you start preparing for larger expenses that are further down the line. The most common dilemma here is investing wealth for your retirement vs. your kids’ education.
So when it comes to investing for your retirement vs. your kids’ education, what’s more important?
While both are incredibly important, it is the right move financially to prioritize investing for retirement over others’ educations. Quite simply, while there are numerous loans, grants and scholarships available for financing education costs, there are no such options when it comes to retirement. In the end, retirement will become an unexpected burden on your children or an unaffordable problem if you haven’t prepared for it financially.
Can you balance investing for your retirement vs. your kids’ education?
Of course, these two expenses don’t have to be completely exclusive of each other. Many parents are able to balance ensuring a comfortable retirement and helping with some or all of their children’s education costs. By building education costs into your financial road map, you can determine what’s a reasonable amount to contribute after accounting for your retirement plans.
Need help making decisions with investing for your retirement vs. your kids’ education?
At LexION Capital we help families balance the multiple needs and expenses involved with raising children, and create a unique investment plan to reach those goals. If you would like to learn more about our services, don’t hesitate to reach out and contact us today.