College Savings vs. Retirement

Hi everyone! Kathy Longo here with the Flourish Financially Challenge. Welcome to your weekly opportunity to take a few minutes to set a small goal that can help you achieve your larger aspirations. This week I will be talking about College Savings vs. Retirement.

Parents often feel responsible for setting their children up for a successful future. However, in terms of priorities, your retirement savings should generally always come before saving for college. Once you have a pool of retirement dollars and a plan for sustaining your income and lifestyle during retirement, then you can begin considering what you can truly afford to contribute to a college education fund. This can feel unnerving for parents, but this week’s challenge is to adopt a mindset that prioritizes your own financial future.

Let’s get started!

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Kathy Longo, CFP<sup>®</sup>, CAP<sup>®</sup>, CDFA<sup>®</sup>
Kathy Longo, CFP®, CAP®, CDFA®

Kathy Longo is a Certified Financial Planner® practitioner, Chartered Advisor in Philanthropy®, and a Certified Divorce Financial Analyst with over twenty-five years of wealth management experience. She is the founder and president of Flourish Wealth Management, an independent boutique wealth management firm in the Minneapolis area.