Should i pay for my kids college or retire?

Call Me Babs

You are going to need more than $600,000.00 to live on for the next 25-30 years. Let the kids work and pay their own way through college. They'll work harder for those grades unless they like throwing their money around. But if you pay for your kids to go through college, then lend them the money. They could pay you back interest free.

just an ordinary girl

500,000 dollars? i made it through 5 years of college on less than 50,000. i would suggest they start off at a community college and earn their associates degree and then move on to their major. it makes it a lot cheaper and they finish all their gen-eds in 2 years for the most part.

alias_JET

Pay for half and have them pay for the other half. This will help them tremendously, and it will help them build character by working for their education.

Rachel Green

How good can your life be if you can't provide for your kids. It's not about retiring early its about providing an education for your kids, working till 65+ then retiring when you know your kids will have been given every possible opportunity possible. I swear, the baby boomers are the most selfish generation yet. What happened to "giving my kids a better life than I had"?

helen.

pay for part of your kids college

coop-a-loop

Are you serious? This shouldn't even be a contest. Pay for your children's education, it is the best investment you can possibly make. Anyway, if they do well, which they most likely will, they could be paying you back double.

You had children, you need to pay for their education.

burpzalot862

Its too early for you to retire. I think you can go a few more years working and pay for their college. I think education is the most important and precious gift you could ever give them. Plus, if you continue to work the money will come back to you.

CHARINGA

help your kids pay for collegge dont pay it all for them.

tjnstlouismo

Sorry dad, you have an obligation to your children. However, you should be getting your financial aid information now. The kids should be applying for scholarships and work study. They may have to go to community colleges or state universities, where costs are lower. They are also responsible for their education and part of their salaries should be set aside for college. If they aren't working, then they should be.

Most parents don't question their kids well being over their own, so I'm not sure where you are coming from but you really come off cold hearted. I believe you have a responsibility to request that your kids do their part, and frankly they will get more out of it if they do, but how you can consider your retirement or their education is beyond me.

Shelley S

Which school are these kids going??? that is 62K a year per kid... I went to a state university and it costs like 10K a year... My parents have supported me fully through college and now I'm on my own feet and making pretty good money now...You can spend less money, help them out with school and still have enough for retirement. My parents have always put me first in their life and I am so thankful to them.

Jamie

The 500,000 figure seems a bit high for 4 years, unless they're going to an ivy---it should be closer to 300k for out of state/private tuition, (excluding "irrelevant" costs that would have to be paid with or without education). Higher than that you might want to reconsider what school they're going to and whether it could be done more cost-efficiently.

Honestly, it depends on how much you value your kids. This sounds like a weird way to put it, but higher education generally beats market returns on investment. If your kids future consumption is as valuable to you as your own future consumption--put in in your kids, otherwise keep it for yourself. Since you do have that much socked away--your kids might have a harder time securing financial aid until they're determined to be financially independent.

If it were me, I'd pay for the education--but it's not.

so Fresh

It depends. I work in telecommuincations, we have a Union so I will have a decent pension if I stay there for 25-30 years. You are still very young - if you HATE your job - you could retire but things might be tight. Plus, you want to give the best to your kids to help them succeed in life. If you don't hate your job - stay until you just can't stand it any longer. Good luck!

jeannine b

Considering you misspelled "through" as "threw" , "their" as "there" and you don't seem to know where the caps key is, are you sure these kids are prepared for college? College isn't for everyone and trade school is nothing to be ashamed of. Do you know how much money a plumber makes?!
Plenty, that's how much.
But if you insist they go I reccommend they pay for it themselves.They can work while in college and take out a loan like the rest of us. You worked to get where you are today (wherever that may be) and deserve a nice retirement. You're only 46 though. You've got a long time until you really retire. Invest your money, retirement isn't cheap.

Rotorwings-Come Fly With Me

First off, even with interest dividends, 600,000 is not really that much money to live off, especially if you plan to need it fo 25-30 years. Have you consulted a financial planner?

Second, paying for your twins education does not need to be an all or none proposition. You can agree to pay a percentage of their education and they can work for the rest.

My father gave me the greatest gift when he paid for my education. It was an investment in my future. I graduated with a B.S. in nursing and have gone on to do quite well for myself.

However, there is something to be said for working for what you want. After I graduated I offered to pay him back. He said "please just let me do this for you." He was proud of me and wanted to give me the gift of a college education. The partial scholarship that I earned helped me to feel that I was contributing as well. For what it's worth, I felt kinda guilty because I knew school was a lot of money. Have you asked your kids what they would want?

lancej0hns0n

RETIRE - your kids should have anticipated that you might not be able to afford to send them where they wanted to go and should have prepared for that possibility by getting good grades and earning a scholarship - if not it's their fault - I went to Tulane (a VERY expensive school) and my parents only gave me enough money for room and board - i earned a full-ride scholarship - that was the only way I was going to be able to afford to go to college - i knew it and prepared for it

oskeewow13

I think you're too young to retire. What the heck are you going to do with all the free time?

I would send the twins to a local community college for the first year or two. Afterward, they can transfer to a university. You can save on cheap tuition and room and board.

If the twins decide to go to a same university, you may want to find out if you can purchase a two bedroom condo. Twins can live there and you may be able to sell it off at a profit after they graduate.

Perhaps twins can get part time jobs to contribute to the education cost. If they select same classes, they can share the textbooks and save $400 a semester!

Two well educated sons with good jobs will be better for you than two uneducated sons with bad jobs. The later might end up costing more money and heartache/headache.

callmeplayfair

Congratulations on your success at putting a good retirement plan together. There are a few million of us who would like to know how you did it!

I was unable to retire at 46, but chose to pay for as much education for my children as possible. That was important to me personally, and I would not hesitate to do it again. However, at least one financial planner has stated that while the parents/kids can get loans for college, you cannot get loans for retirement. If you use the money to retire, your children will not have to support you later. If you secure an education for your children, they are less likely to return to the nest and require a lot of help. So, either choice will have some advantages.

Joe L

In most states you can get a free ride in college at a decent state school provided you have some talent or good grades.

LyndasCa

It is always nice that parents pay for their kids college. However, I do not understand why the kids do not work towards scholarships. If they want to attend college bad enough, they would work towards earning scholarships! I feel they need to put in effort to go to college and not have it given to them. This way they will appreciate their education more because they had to work to get it and it was not just given to them.
Another thing is that kids that are forced into college, do not always appreciate what they are receiving. They are not interestedr. I did not force my daughter into college. She did not show interest in college. She did attend one semester at a junior college and decided that she is not ready to continue her education. It is her decision.

Should you pay for their college? That is really your decision to make. I would not pay for my daughter's college, because she showed no interest and did not work towards a scholarship or try for any scholarships. If my son shows interest and trys to earn scholarships, I might help pay for his college, but not completely give it to him because he will not appreciate the education as much.

casey b

it depends if u really love Ur kids and u want them to have a great education u should pay for their college

SuasGirl

As long as U raised Ur kids to be responsibly, U should be able to live it up....They can make it through with or without U.......
Good Luck and Have Lots of FUN!!

yes, Me too

retire...there are always student loans and financial aid to help your kids through college. Let them be on their own and learn responsible money management.

the obliterator

stop showing off

stopitcory

umm pay for half of your kids college and tell them they have to learn some responsablity. (not saying there not cuz i dont know) but you should help them but i also think you shouldnt have to worry about money after you retire.

campZac

Make them get grants and scolarships, if thats not possable make them get jobs.
Pay, but not more than half.
You can live off the money they will earn from the great educiation you paid for.

and who retires at 46, whats that about?

Magaroni

I wouldn't pay 100%, but give them help to get started. The amount students can borrow increases the longer they stick with it, so their freshman year they can't borrow much. Help them out (you can call it a personal loan if you wish), and they should be able to borrow what they need for the remainder of their education. Knowing that it's coming out of their pocket will encourage them to take college more seriously, and at graduation time, if they've done well, you can offer to pay off all or a portion of the student loans.

Kris L

Why don't you try finding a 'new career' in a new place and KEEP WORKING. While retirement seems like a 'dream' most people who keep working well into their 70s and 80s are actually healthier and happier BECAUSE they keep working. I'm disabled, but I am a psychologist, and I can do my 'work' here on Y!A. My husband is 49, and he is planning on working 'well into his 70s ... not because we 'can't afford' for him to retire, but to help him stay 'young and active' ... and then, maybe, he'll start a 'whole new career' after that. Who knows? But ... do not 'pay ALL of the children's way through college. Let them 'work' for at least 1/2 of the 'cost' of their schooling and support ... they'll be GLAD for the 'experience' of that when they are 'out in the big world' without your money 'protecting them' from life.

Colleen O

So, how far are you going to throw the 500,000? Since the word THREW is the past tense of THROW...I would think that you would want to send your kids to college, maybe they could at least learn how to spell the word THROUGH

Tracy Paige

to help your kids out with college would be a great gift to them. it's really hard these days to get a quality education with the costs of tuition going up every year. your kids could get loans but do you want to see them starting out in their adult lives already saddled down with debt? besides- they are your kids. do you think that once they become of age they are no longer your responsibilty? if your retirement really is your main priority maybe you could offer to loan them the money at a low interest rate- then you save your precious investment and your kids can get a good start in life.

question- when you were investing for your future- did the well being of your children and their future ever factor into yourcalculations?

margo322

If you have such good investments and have such a good job why not work another five/ten years put your children threw college and by then 51 to 56 years old retirement will be all that. At age 46 I do not feel that 600,000 is enough to survive until you die. I mean I really do not feel secure with that . I think age 46 is to young to retire. Work is routine and has a way of making a person part of . Try not working for a while and being out of the mainstream a person can start to feel mighty depressed. Your children will not get what they deserve not going to college. Without an college education you go no where fast. I would feel better about the life of my children knowing I did all I could as their parent to make sure they will be successful.

dirtymartini

Retire! Help them a little if you want, and be a safety net for them. But taking on responsibility for one's education is strong motivation to succeed.

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