Do You Save for College or for Retirement? What Parents Need to Know

Here's a message that all parents need to take to heart: It's OK to put yourself ahead of your kids. In fact, putting your retirement needs ahead of their college costs is not only necessary but wise ... and, ultimately, thoughtful, too.

(Image credit: (C)Florence McGinn, F&J McGinn ((C)Florence McGinn, F&J McGinn (Photographer) - [None])

If you’re a parent, there is no doubt you want the best for your kids. To most of us, this means providing our children with the opportunity to not just attend college — but to attend the college they want and graduate without thousands of dollars in student loan debt.

This isn’t about spoiling your kids. Student loans present a serious burden to the students and graduates who carry them. Plenty of research shows how student debt is damaging a generation by forcing them to push back major life milestones like getting married, having a family or owning a home.

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Paul V. Sydlansky, CFP
Founder, Lake Road Advisors, LLC

Paul Sydlansky, founder of Lake Road Advisors LLC, has worked in the financial services industry for over 20 years. Prior to founding Lake Road Advisors, Paul worked as relationship manager for a Registered Investment Adviser. Previously, Paul worked at Morgan Stanley in New York City for 13 years. Paul is a CERTIFIED FINANCIAL PLANNER™ and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network (XYPN). In 2018 he was named to Investopedia's Top 100 Financial Advisors list.