How to prevent your child’s tuition from ruining your retirement

Paying $21,000 for your child’s college tuition could cost you nearly $80,000 in retirement savings. Nerdwallet offers a free retirement savings calculator that lets you see exactly how much supporting your adult child could cost you. Credit: Merrill Lynch. Two ways to stop adult kids from ruining your retirement

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Get your retirement savings squared away first and make sure have your own student loan payments covered before you start looking into supporting your children. That may sound harsh, but your children can borrow student loans, apply for scholarships, or earn grants to help them cover college costs.

Student Loan Hero Advertiser Disclosure.. (and your child) will be. However, even if you didn’t start when your child was a baby, there are ways for you to provide support as your child gets an education.. it might come from retirement plans. If you can afford it, using your retirement.

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You can use your IRA to pay for college tuition even before you reach retirement age. In fact, your retirement savings can be used to pay for a wide range of education expenses for you, your.

Almost half of parents are still paying off their own student loans when it comes time to write their child’s college tuition. retirement, 59% said they would keep working anywhere from three to.

A suggestion for your children, said Poolman, is “combining traditional savings vehicles like a 401k with low-risk options such as fixed-indexed annuities, which will help keep. retirement account.

Your kids can lease a car instead of buying, or use public transportation and ride-sharing services. Your kids can take out student loans and repay them over time. On the other hand, once you stop collecting a paycheck, your options are limited to whatever you have in your retirement accounts, a pension (if you’re lucky!), and Social Security.

But if you’re behind on your retirement savings, funding your kids’ education is the wrong move. For college money help, your children can take out a loan for their tuition – but you can’t.

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