Fund your future first over your child's college - NBC12 - WWBT - Richmond, VA News On Your Side

Fund your future first over your child's college

(Source: file photo) (Source: file photo)
RICHMOND, VA (WWBT) -

If you have kids, chances are you're either saving for their college - or worrying about the fact that you aren't.

A survey of 1000 moms and dads by Student Loan Hero found 44 percent of parents feel guilty about not saving more for college tuition. If you're in that group, you need to focus your money and energy on something else.

That same survey found 57 percent of parents are saving money for their kids' college, with the average savings clocking in at about $16,000.

Given the current cost of college, and the fact that costs rise about five percent a year, that's not going to make much of a dent - especially at a private school.

Here's the point: while your kids have plenty of financing options for college, there is no financial aid for retirement.

Your kids can spend a year or two at a community college, then transfer to a state school. Or, they could take out student loans, though we recommend they not borrow more than they can reasonably expect to earn their first year out of school.

But you're on your own, when it comes to your retirement. If you aren't saving now, or don't know where to start, get some help from a certified financial planner.

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