New England Investment and Retirement Group strives to help clients learn the benefits of wealth management while saving for both college education and retirement.
College savings and retirement savings are among the top financial goals of most individuals. This is especially true for individuals in the middle to the upper class who place a high value on education as well as a happy and healthy lifestyle. But it can become a challenge to balance college savings and retirement savings since they are both top areas of priority. The financial advisors at New England Investment and Retirement Group can provide clients with advice on how to ensure both areas of your financial savings are covered effectively.
They key to being able to effectively balance college and retirement savings is timing. New England Investment and Retirement Group always recommends to clients that it is best to start saving for both these areas as soon as possible.
The best time to start saving for retirement is as soon as you obtain your first job. For many people, this usually occurs in your early 20s. From the very first paycheck, you should begin to set aside a percentage of your income towards your retirement. By starting at this early stage, you have a longer timeline which means that your money has more time to compound and work for you.
When it comes to saving for college for your children, saving should ideally start as soon as pregnancy occurs. Again, this gives you a good 18 years or more in which to accumulate the required amount.
NEIRG also understands that it is not always easy or possible to start saving so early. For those who did not start saving early, more priority should be given to retirement saving since it is possible to fund college education in other ways such as obtaining scholarships or student loans. So if there is a conflict of interest, a greater percentage of income should be dedicated towards retirement saving as opposed to college saving. At the end of the day, however, it is always good to start saving early for retirement and for college.
For more information about college and retirement saving, contact New England Investment and Retirement Group today to set up a consultation.