With a new school year approaching, your children are one step closer to college – and you’re one step closer to retirement. As you travel down life’s road, viewing retirement savings and college savings together can help you stay on track to achieve both goals.
Keep in mind that you may need to make some trade-offs along the way. For example, you might need to wait a few years longer to retire. Or perhaps you plan to pay for only the first two years of college. Your financial advisor can look at your entire financial picture and help you set these priorities.
Time is a valuable asset, so keep it on your side. The earlier you start saving for education and retirement, the more likely you are to achieve your goals. And no matter what the road ahead brings, keep investing – if you decide to take a pit stop during a market slump, you could miss the next rally.
Your financial advisor can partner with you to develop a strategy that incorporates saving for both education and retirement. The right strategy, tailored to your situation, can help ensure you are moving along toward both goals.