Reply to Only 100k in 401k at 50

Forum Index » Money and Finances

Reply to "Only 100k in 401k at 50"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]OP, just by not being in debt, you're ahead by a lot.

Teach your daughter to focus on what is best for her and not just the brand name.  In the meantime, learn from publicly available info how your kid can get  scholarships.

For example, being a school safety patrol in 4th & 5th grade qualifies you to compete for a scholarship.  I think it might be an AAA program.

Being legitimately involved in volunteering helps support scholarship applications from local groups.

You can even look up the available scholarships at your flagship and think about how she might become eligible.

Some on here say the Ivies are cheaper than flagships if you have real financial need.  That can be true.

I think once your daughter gets to late middle school, then you can work out a 4 year plan with her to get where she can go.

Saving for your retirement is important.  It's a put your own oxygen mask on first situation.  It's hard for children to have financially dependent parents.  Harder than earning their own way.  They might also need to boomerang into your house for a while, so you need to be able to cover that.

Just being able to do things like keeping a college kid on your health plan or phone plan is a help to them.

You should probably plan to retire later than 65 unless your family dies young.  I think your full retirement age for Social Security is 67.   We are supposed to live longer and work longer than Boomers.

Good luck and don't panic! Scrimp so you can invest long term and with maybe a year's worth of living expenses you can tap in an emergency without selling stock.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics