October 11, 2016

Retirement or Kids College? Pick One.

Many parents, from day their children are born, worry about how they are going to pay for their children’s college. Money is usually set aside, but sometimes it’s not enough. Parents today are even putting retirement money away for their kids’ college years. Marty Allenbaugh says that route may not be as uncommon as you think:

“Delaying retirement to help fund college is a realistic option, as long as retirement needs aren’t being ignored. We feel that delaying retirement is a personal decision that an investor can decide to make. We feel more concern if they stop contributing for their retirement. We recommend that parents continue with retirement savings and make sure that is on track before they save for college.” -Marty Allenbaugh

Listen to the rest of the podcast at: http://tinyurl.com/jnatwqg

Matt talks with Marty Allenbaugh, a financial senior marketer and a certified financial planner for T-Rowe Price Group. The total outstanding student loan debt in the U.S. is $1.2 trillion, which is the second-highest level of consumer debt behind only mortgages. Most of that is loans held by the federal government. About 40 million Americans hold student loans and about 70% of bachelor’s degree recipient’s graduate with debt. With these numbers only seeming to increase and tuition rates continuing to rise, it seems there are very few ways left to pay for a college degree. Marty Allenbaugh explains how parents and kids can make choices now to pay for future college plans.

Join The Matt Townsend Show, Weekdays 9am-12pm ET on BYU RADIO (Sirius XM Channel 143) or byuradio.org

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