This week, I’m talking about how to pay for your kid’s college and save for retirement at the same time. 

Rather than fretting over how you’re going to pay for college while saving for retirement, you just gotta sit down and run the numbers. Once you do that, you’ll have a clearer picture of what college costs will be, and from there you’ll be able to figure out your options. 

If you go to www.savingforcollege.com, there’s a really amazing calculator to help you estimate college costs on everything from private school to community college, and it takes about 3 minutes to crunch the numbers. 

Based on the numbers I entered into the calculator for a 15 year old, Sending your 15 year old child to a Community College in 2023 for 2 years will cost about $28,630 for a family with a household income of $100,000. 

On the other hand, Sending your 15 year old child to a private school in 2023 for 4 years will cost about $148,391 for a family with a household income of $100,000.

As you would expect, quite the difference! Whichever options you’re weighing, you can then consider how you and your child will pay for that gap. It’s important to involve your child in the conversation as well. You may be surprised at what creative solutions you’ll come up with alongside your children, and the sooner you do this, before your child has their heart set on the most expensive option, the easier it will be to find the right path for your child’s college education and both of your finances. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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