Student debt has multi-generational impact on financial wellness: by Sheryl Smolkin at Retirement Benefit Adviser.
Today the new conundrum facing many parents is: Do they save for their children’s college education now or wait and help them with their student loan debt later?
Saving now, for college education may mean holding off on a vacation or buying a new car. If parents have the ability to save for part or all of their child’s college expense, it’s the greatest gift they can give their child.
Waiting until later may push financial concerns for your children up against your retirement needs. If parents sacrifice their retirement savings to help pay down their children’s student loan debt, they may not be able to retire in the way they had hoped.
The financial stress of paying for college can hang over students and parents like an albatross. Some of that burden can be managed by financial planning. Financial planning can help solve many of the problems and reduce the stress of paying for college. For example, how much to save per month and how to invest for the future.
For more information about financial planning and Wolcott Financial Solutions, Inc. click here.