Juggling Savings

In general, parents help with the college funding of their children with the average annual cost being $15,000 for a 4-year public college. Private schools will be more and these costs have been a step ahead of inflation by about 5% per year. On the other hand, saving for retirement is even more important with companies removing pension plans and Social Security is uncertain also.
Both college and retirement are two important areas for parents. Look over these suggestions to help you reach your goals. Having a plan is the first step so you know what kind of money you are going to need. Begin saving as soon as you possibly can because time is your ally. Next, prioritize. If you just can’t save for both then choose retirement. There are student loan and scholarships that kids to apply for to help them out.
Make use of retirement accounts. Roth IRA contributions can be withdrawn from tax free and without a penalty.  It all comes down to prioritizing, making a plan and starting early.