While it’s true that retirement accounts can be used to save for college, there may be negative consequences to doing so. It’s best to talk with a financial professional to determine the appropriate course of action and to make sure you’re on track to meet your goals.
When I ask people how they envision their retirement, especially younger individuals, they struggle with that question. Envisioning retirement can be different for a lot of people. For me, I absolutely love every minute of what I do. I cannot see myself retiring completely, at least not at this point.
Are you faced with the dilemma of having to save for your own retirement while at the same time trying to raise your growing children, put money aside to fund their college educations and support your aging parents?
Serious consideration needs to be made as to how you will build your assets to create a future or current income streams.