Reply to Only 100k in 401k at 50

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Op, you are doing great!  Starting plowing money into your retirement accounts.  The first $100k is really hard, but you did it!  Things will accelerate now.  Start plowing money into your retirement accounts up to the max.  If you have any room in the budget consider putting $400 a month into a 529 for the oldest kid. Aim to cover one third of state college costs from savings.  Anything extra will get rolled over to the next kid if they are also college bound.[/quote]

I disagree.  It would be great to help your kids financially if you can, but it doesn't seem to be in the cards for you.  Focus on your retirement vs. school savings.  [/quote]

Focus on retirement.  The kids can

Start at CC and then transfer to a state U to finish.

Complete their AA in HS with dual entry and only need 2 years at state U to get their degree (maybe 2.5 depending upon the degree requirements).

Go to 4 year State U or Private that offers great merit (typically 1-2 tiers below when your reach level is) and only pay $20-25K/year (or less) for college.  The kid can earn $10K of it, $5K in fed loans and then the OP only needs to help with $5-10K each year, if they don't get financial aid.

All 3 options will be affordable to the OP.  College does not have to cost $90K/year.  Much better to do it affordably and not take on too much debt (IMO the $27K max fed student loans is acceptable debt if needed, and a smart person can pay those back in 4-5 years typically).

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