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The Secret To Paying For College Or Retirement

The Secret To Paying For College Or Retirement


    

The Secret To Paying For College Or Retirement

by Carl Benjamin

Your are in your mid to late 50"s and retirement is staring you in the face. However, you have juniors' college education to consider. Which is more important his education or your retirement? Countless Seniors are faced with this question.

Although it is admirable to want to help your children, there comes a point when you have to start taking care of yourself. There are some individuals that can do both. However, there are many that can't and they have to make the tough decision. Here are some helpful ideas to accomplish both goals.

First, make your retirement your number one priority. This doesn't mean that you don't love your children any less. You can still help them in making decisions and even co-sign on loans if you have, too. Consider a public or state education over a private school. You can save a ton of money by doing so. Check out the nearby Junior Colleges. The costs at some of these schools are already covered by taxes that you pay. They are also a lot cheaper in expense. See what type of scholarships, grants, loans, and yes work programs that are available. If your child values a good education, they should be poised to put forth whatever it takes to attain it. This will also help them to become more self-sufficient for their post collegiate years. Colleges today are in strong competition among other schools for your child. Does this guarantee that your child gets into the school of their choice? NO! However, it increases their chances. The colleges don't care where the money comes from as long as they get it.

They do care what your child has to offer. If your child can be a productive student now and especially after they graduate, the odds of them being admitted increase. Many colleges count on successful alumni in later years for cash.

Do your homework. Search for scholarships, grants everywhere you can. There are many business that will offer to pay for your child's education, if they make a commitment to work with them after graduation. They will even provide a salary while they work their way through college. You just have to seek them out.

I knew parents that bought a house. They made two apartments out of it. They used the rent money to pay for their child's education. The day their daughter graduated they sold the house. The little money they made off the house they used for part of the education, too. They still owed on their child's education, but not as much because it was a state school and not a private school.

Encourage your child to start working early and saving money for school. Instead of buying that fancy Mustang, go with a Hoopty.

Now lets talk about your retirement. Put your money into a company or government 401k or 403b. Take a long hard look at the Roth 401k plan also. Any Of these would be advantageous. Put off expensive vacations. You can do those when you retire. Concentrate on paying down any debts that you have and try not to add any more. Set up an emergency fund separate from everything else. If you don't use it, you will have it as a bonus when you retire. Don't invest in a new car. Try to get buy with what you have. You can always get a different vehicle whenever, you really need it.

Your mindset should be conserve, conserve, conserve. You are trying to get yourself ready for the best time of your life. It is spelled "R E T I R E M E N T". The free time that you have at home between now and then can be very valuable to you. Use it to make plans. Consider insurance, housing, travel, hobbies, clubs, and organizations that you might be involved with. Another thing you want to think about is the possibility of working part time or doing a job you always thought about trying. Some people never want to work again yet others feel that they need to have something to do. Figure out what you want. Since I retired, I have tried many other things. Although I didn't stick with many of them, the experiences were great. I finally found a small part time job in education that I love to do.

Keep this in mind though. Retirement is whatever you decide to make it.

About the Author:
Carl Benjamin will give you the proper tools to help conquer the mountain called student loans; to further educate yourself on paying off student loans checkout the overlooked tips and tricks of paying of student loans.


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