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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Spinoff: retirement or college
Follow up to my question about retirement savings. At age 42, If you are putting in 10% (including a company match) in 403 and you get a raise would you add that to your retirement or put in college savings for a 14 and 12 yo?
I stopped college savings when my ex stopped working a year ago cause he stopped giving child support.
Want to act as if i didnt get raise so where should i put it?
I have 2-3 months in emergency savings. Should i put it there?
I also have had to cut back in general since no child support. We are comfortable but no vacations etc.
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Posted 9/14/17 9:28 AM  |
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jlm2008
LIF Adult
Member since 1/10 5092 total posts
Name:
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Spinoff: retirement or college
I would put it in retirement. Kids can pay their own way to college with loans, financial aid, or go free in some cases. Nobody is going to loan you money for your retirement.
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| Posted 9/14/17 9:47 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Spinoff: retirement or college
I feel like if you have to chose between the 2 i'd go for retirement.
There is always student loans for college if worse comes to worst
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| Posted 9/14/17 9:51 AM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Re: Spinoff: retirement or college
I don't have children, but I agree about putting the money into retirement instead of college fund.
They have options to pay for it.
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| Posted 9/14/17 9:58 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Spinoff: retirement or college
I know the typical rule of thumb is retirement before college savings.
From my experience in the past with financial aid parents must take out parent plus loans as part of financial aid package if they qualify in addition to students taking student loans. I feel like this is never discussed....
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| Posted 9/14/17 10:00 AM |
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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Spinoff: retirement or college
Cant you remove money from a retirement account to help pay for school expenses without penalty? If so I would do retirement over school
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| Posted 9/14/17 10:57 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Spinoff: retirement or college
Always always always retirement!!!
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| Posted 9/14/17 12:30 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Spinoff: retirement or college
retirement, as long as you aren't maxed out. you could always take out a loan from the retirement account for college down the road, if you need to.
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| Posted 9/14/17 12:38 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Spinoff: retirement or college
retirement. retirement. retirement.
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| Posted 9/14/17 1:04 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Spinoff: retirement or college
Retirement. You can get a loan for college, you can't get a loan for retirement. Your kids can work in high school and take out loans. I would go back to court to have your ex husbands wages or disability garnished, and have his tax refund sent to you too.
Message edited 9/14/2017 3:00:34 PM.
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| Posted 9/14/17 2:59 PM |
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Mags1227
Just a mommy ...
Member since 10/10 2665 total posts
Name:
M
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Re: Spinoff: retirement or college
Normally, I would say retirement.
However, since you are a single parent and your EX has stopped paying, I would make sure I have at least 6 months in my emergency fund first, THEN I would start adding to my retirement savaings.
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| Posted 9/14/17 4:30 PM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: Spinoff: retirement or college
Posted by Mags1227
Normally, I would say retirement.
However, since you are a single parent and your EX has stopped paying, I would make sure I have at least 6 months in my emergency fund first, THEN I would start adding to my retirement savaings.
This, get that emergency fund up to 6 months of savings.
The other question is, you have a 403b which normally indicates that you have a govt employer, do you have a pension coming as well?
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| Posted 9/14/17 5:52 PM |
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Bugaboo
Relax!
Member since 5/05 2133 total posts
Name:
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Re: Spinoff: retirement or college
Posted by Mags1227
Normally, I would say retirement.
However, since you are a single parent and your EX has stopped paying, I would make sure I have at least 6 months in my emergency fund first, THEN I would start adding to my retirement savaings.
ITA. I would put it towards the emergency fund. Once you have at least 6 months I would put the extra money towards retirement.
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| Posted 9/14/17 6:31 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Spinoff: retirement or college
Posted by CSK
Posted by Mags1227
Normally, I would say retirement.
However, since you are a single parent and your EX has stopped paying, I would make sure I have at least 6 months in my emergency fund first, THEN I would start adding to my retirement savaings.
This, get that emergency fund up to 6 months of savings.
The other question is, you have a 403b which normally indicates that you have a govt employer, do you have a pension coming as well?
Its non profit so no pension
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| Posted 9/14/17 7:03 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Spinoff: retirement or college
Retirement, the rational I go by is it would be a greater burden for your children to have to support YOU when you are older than for them to pay college loans.
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| Posted 9/15/17 10:01 AM |
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babydreams21
LIF Adult
Member since 12/12 3656 total posts
Name:
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Spinoff: retirement or college
Personally I would put more into my regular savings. Then after I had another couple of months of savings I'd split between college savings and retirement. You have 1% plus a company match and are only 42 so you have a lot going for you.
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| Posted 9/17/17 6:38 PM |
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Sparrow
LIF Adult
Member since 11/10 6826 total posts
Name:
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Spinoff: retirement or college
As everyone else pretty much has said, go with retirement. No one is going to give you a loan for retirement.
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| Posted 9/18/17 7:24 AM |
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Re: Spinoff: retirement or college
There is NO choice
Retirement 100%.
NO. Question.
The kids have their who lives to pay for college. You have 25 years till you retire.
You HAVE to put yourself first.
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| Posted 9/18/17 9:14 PM |
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Bebelove
LIF Adolescent
Member since 8/12 742 total posts
Name:
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Re: Spinoff: retirement or college
Posted by Paramount
There is NO choice
Retirement 100%.
NO. Question.
The kids have their who lives to pay for college. You have 25 years till you retire.
You HAVE to put yourself first.
Exactly. You have an ex who doesn't pay for anything. You are basically on your own so squirrel it all away for retirement !!
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| Posted 9/18/17 11:46 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Spinoff: retirement or college
I'd try to increase your emergency savings to 6 months first. Then increase your 403 once your emergency savings is fully funded. You could prob increase it quarterly. Do it in January or April.
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| Posted 9/19/17 6:37 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Spinoff: retirement or college
Posted by jlm2008
I would put it in retirement. Kids can pay their own way to college with loans, financial aid, or go free in some cases. Nobody is going to loan you money for your retirement.
That is why I wont do a 529 plan. People put more $$ away for their kids college, and not enough in their own retirement. If my son has to take a loan out...he will!!!
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| Posted 9/19/17 6:53 AM |
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