Episode 119: Paying For College In Retirement

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Today’s Smart Money Question:

It is no secret that college tuition is expensive and many parents want to help out their children pay for a higher education. But is it worth risking your retirement? Today we will look at the factors that parents should consider when paying for their child’s education. Especially for those parents that are near, or in retirement. We also answer a question from a listener who is looking to sell their farm for a little under a million dollars and does not know where to invest the money.

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Here Are Just A Handful Of Things You’ll Learn:

In some circumstances parents can be heading into retirement around the time their kids will be looking at college. Attending college is often a goal for parents and their children. This can be financially challenging leading some parents to use their retirement savings to pay for their children’s higher education. Matt explains how one should prioritize their money during this time and the the circumstances where it would not be smart for a parent to pay for college.

Deciding which college to attend is a very big decision for a student and their parents. There are many things that go into this choice and factors that affect where someone will attend. Matt gives the listeners a helpful tip to save money on college and breaks down what you should look for when evaluating schools.

It is super important to be prepared heading into retirement. A big part of this preparation is analyzing the proper measures to ensure you are set up for a happy and healthy retirement. Matt explains creating an income distribution plan will help represent the financial needs to meet the lifestyle one desires. Long term care is necessary concern for a retirement plan. There are so many options and benefits, it can be tough to choose from. Matt details what you should look for in coverage options.

[3:25]– What do you do when your ready to retire and the kids need to pay for college.

[5:53]– How to prioritize saving for retirement and paying for college.

[7:59]– Matt gives a tip to save money for college.

[10:00]– What to look for when picking a school.

[15:30]– What you need to analyze before entering retirement.

[19:48]– How much long term care coverage is recommended.

[26:28]– Is the benefit payout an expense or an indemnity benefit? How will this affect retirement.

 

 

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