Should i use my kids college fund to reitire?

Question

i have 3 kids and i have about 1 million dollar in investments, i think that will be enough for me to retire but i don t think it will be enough to do both? retire and send 3 kids to full ride college?

Answer 1

No. I am 21 and have absolutely no help from my parents or anybody to pay for school. I work full-time and went to school at night. I had to drop the classes because I couldn't stay awake during them from working early hours in the morning. It is so stressful. Not to mention I cant apply for financial aid because my ****** stepfather decided to claim me on their taxes after the fact that i ALREADY claimed myself on my own. IT SUCKS. Please be smart :( I'm going to start saving for my children's, children's education NOW.

Answer 2

I think you should try and do both. Talk with a financial adviser and see what you can do to meet both of those goals. Also talk with your kids and help with scholarship essays to help defer some of the costs of school, they might not get a full ride, but they get something to help out. Look at possible financial aid, but if you have a million this may not be likely but it helps to try. It also depends on your age, how close you are to retirement, there ages, how close they are to college, ect. If all else fails send your kids to school hopefully they'll help take care of you when you're older. but its all up to you.

Answer 3

With $1M you have three choices:

a) Retire

b) Send kids to college

c) Send kids to college and retire

It is your choice, but you CAN do both, especially if your kids college is not at the same time and you have a few years to grow your investment.

P.S. IMHO: I would choose a more noble thing and send kids through college, because giving our kids good education is probably the best thing we can do in this life.

Answer 4

send your kids to college, then they can make money and support your old *** when they get older.

Answer 5

I suppose it depends on what you want to do. If you want to retire early, then thats totally up to you. But, your kids really should come first...College is important you know, and can cost a lot. And it would tremendously help your children out in the future too.

Answer 6

Your kids can borrow money (if they need to) to go to college; you can't borrow money to retire on.  That, to me, makes the choice simpler.

Suggesting that your children help themselves get an education does NOT make you a bad parent.  In fact, you help them to learn valuable lessons about life and finances by doing so.  I paid my way through college and I don't think I would have appreciated it as much if I'd have received a "full ride" from my parents.

With 1 million in investments, you can assist your children with college AND retire.  However, there are going to be some tough choices to be made.  Your children may have to take out some loans on their own.  They may have to attend a lower cost institution.  How much less are you willing to live on in your retirement years?  How much longer are you willing to work to make up for losses?

Find a financial planner you trust and crunch the numbers.

Answer 7

No,

Not unless you want your children to work their way threw college they are the type of kids where you know they can get a full ride by academic scholarship,or athletic scholarship.Even if they get a scholarship it might just be a partial scholarship.Then what.

Dint you have a 401k,ha vent you invested in your retirement

I am only 21 and everyday month i put money away for retirement,and my daughters college fund.

You could do what my fathers family did parent pay for the oldest to go to college then once the oldest graduates,and gets a job they pay for the next kid etc.

I dint recommend it thou this is something you have to instill in them very young