SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all,
The question is should I focus on saving further for my kids' college or for my retirement.
I have a full time job. I have adequate life insurance. I have a fully funded emergency fund. I own my home (well, about 30% of it, anyway.) I have no high interest debt.
I have excess income that I wish to allocate either to my kids' college or my retirement.
I am 39.9 years old today and project reaching 4% FI at age 46.4 on October 18, 2015 based on my current data and assumptions. That age varies, but not significantly; it's been between 46.5 and 47 for the past two years.
I have three children who will nominally start college in the fall of 2013, 2018, and 2020. They each have college funds already.
The first one, Mr. 2013, is fully funded at the moment.
The second one, Mr. 2018, is fully funded for freshman and sophomore years, but requires an additional lump sum of approximately $12K invested today to take care of his third and fourth years.
The third one, Ms. 2020, is fully funded for freshman and sophomore years, but requires an additional lump sum of approximately $19K invested today to take care of her third and fourth years.
Assume for the purposes of this question that:
Thanks,
2Cor521
The question is should I focus on saving further for my kids' college or for my retirement.
I have a full time job. I have adequate life insurance. I have a fully funded emergency fund. I own my home (well, about 30% of it, anyway.) I have no high interest debt.
I have excess income that I wish to allocate either to my kids' college or my retirement.
I am 39.9 years old today and project reaching 4% FI at age 46.4 on October 18, 2015 based on my current data and assumptions. That age varies, but not significantly; it's been between 46.5 and 47 for the past two years.
I have three children who will nominally start college in the fall of 2013, 2018, and 2020. They each have college funds already.
The first one, Mr. 2013, is fully funded at the moment.
The second one, Mr. 2018, is fully funded for freshman and sophomore years, but requires an additional lump sum of approximately $12K invested today to take care of his third and fourth years.
The third one, Ms. 2020, is fully funded for freshman and sophomore years, but requires an additional lump sum of approximately $19K invested today to take care of her third and fourth years.
Assume for the purposes of this question that:
- I am comfortable with my data and assumptions.
- I am comfortable with my target amounts for retirement
- I am comfortable with my target amounts for kids' college
- I know which funds and investment vehicles to invest in once the retirement vs. college decision is made.
- I am familiar with the general arguments on this subject (they can get loans for college, I can't get loans for retirement)
Thanks,
2Cor521