How to Balance Saving for College and Retirement




How to Balance Saving for College and Retirement

As parents, we all want the best for our kids including sending them to a good college or university. College tuition has been on an upward trend for the last two decades. Balancing that with the increasing cost of living and rise in inflation, it’s difficult to know where and how to spend your savings.
College education and retirement are both considered lifetime financial goals. One of the most important ways to reach your goals, is to start right away and have a clear plan in place. Here are 3 ways to get started:
Work with an expert to help you set a plan
Provident’s experienced financial consultants can develop specific strategies to help achieve your financial goals. Long-term, short-term, catch-up goals, whatever it may be, they have a variety of savings options to get you on the right track. Get started by scheduling your first complimentary consultation.
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Open an investment account for your kids
When it comes to investing for your kid’s college fund, you have several options to consider including 529 Plans, Coverdell IRAs and custodial accounts. Each one has their own benefits, tax advantages, and withdrawal options. Some can even be used together to help you save even more. 
Individual Retirement Accounts
Individual Retirement Accounts, also known as IRAs, are a great way to invest your money and maximize your tax benefits. Not only can this money be used for your own retirement, but you also have the option to withdraw your contributions (without penalty) to help pay for college.
Open an account
Remember, you don’t have to wait to reach a certain magical age before you can retire. It can happen much sooner if you invest smart and plan for the future. The more you can save now, the sooner you will attain financial freedom.

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