It's been interesting reading all your different stories of ER and YC (young children.) My hat's off to all you that have saved enough money to continue in retirement while saving enough money for higher education.
We had a child at 40 years old--and she was born an aunt with siblings 20, 21 and 22 years older. Child #3 graduated with an accounting degree without any student loans--expenses paid by us. The young daughter didn't choose to go to college.
But my question is what does a child born to older parents expect them to provide when the parents are retired--with fixed assets? Do you owe them a private school primary and secondary education--and a college education after that?
My best friend has a MBA from Harvard and he's been very successful as a venture capitalist. His two children (born when he was 37 and 39) went to the finest private schools and both went to exclusive private universities "up East". That's 12 years @ $35K times 2 through high school graduation. And $55K times 4 years times 2. His daughter just graduated from medical school. All in all, he's spent over $1.4 million on his children's education, after income taxes. While all his friends are living the easy life in retirement, my friend sold his big house, rented a luxury apartment and he's going to have to work until age 70.
I know this is an extreme case, but where do you draw the line in the sand when someone's retired and they have young kids? Raising young kids is just so expensive.
Like my father told me: I can get you into an IBEW apprenticeship. Or, you can go to college ($192.50 tuition per semester in 1968). Or, you can get drafted and go to Vietnam. It was a no-brainer, and I chose to go after the ole Bachelor's Degree. But I wouldn't know what to do with college graduates living at home since they cannot get good jobs. It's just such a hard decision on what to provide your family in the future when you're retired and funds are simply limited--and you may not have enough money to last until age 95 due to sacrificing for the kids.