Juggle retirement and college savings

Most parents would like to pay college education, or at least pay aid for College for your children's. While it big would be for your children, the costs for parents can be too high to begin to numbers, such as after the college without student loans.

The average annual cost of public 4-year college is $12,127 (source: the College Board's annual survey of colleges, 2005-2006), with 4-year private schools, the average $29,026 per year. College costs have been overtaken inflation, increase of 5% per year.

On the other hand, save for retirement companies become started more importantly, how have freezing or eliminate pension of plans, and the future of social security is still uncertain.

Paying for College and retirement will be a challenge for most parents. Here are some suggestions, to help you achieve both goals: • have a plan. You should determine how much you will need for retirement and how much you expect your children to College need.

• Start store as soon as possible. Time is your greatest ally, what ever your savings goal. Rentable her how much you could save each month, and set an automatic plan as soon as possible.

• Prioritize - if you can't afford to both objectives, save retirement should priority before save for College. Their children can always borrow making for college or scholarships You can not, you can borrow money for retirement.

• Save for both. Ideally, you want to be able to save at the same time for both of these goals. If you able money make both objectives. Maybe visiting to determine how much each goal to be a financial planner.

• Research - there are different types of college savings accounts available. Find out what type of account you will benefit most, before you invest.

• Save use retirement accounts for retirement and College. Pension accounts in developed to help college bills numbers (IRA withdrawals can punishment for college expenses; free contributions be made can be taken penalty Roth IRA duty-free). However, you should only do this if it is not your retirement the victim.

Bottom line to get the most out of your savings - prioritize your savings goals, have a plan in place and start early.