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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At your income level you are way behind on college and retirement savings. We are late 40s and make about $170,000 combined. We don't have "college" savings, but have put money into 401Ks and Roths. We are at $1.3 million in retirement savings and have been able to cashflow private school and now UMD college park. Since we are heading into a recession, your 529 accounts aren't going to grow as much. Be in a position to cashflow and borrow once your kids get into college. You are in the donut hole friend. You are not getting financial aid.[/quote]

They are NOT a donut hole.  Someone making $320K should have been able to save for both retirement and college and be well positioned at this point. Donut hole is someone making ~$125K in a HCOL area who would have struggled to save fully for college and retirement and own a home, etc.  At $320K it's more about their choices that have put them in this position.  You can choose the lifestyle or choose retirement/college funds or balance all three things[/quote]

Have you ever heard of student loans? Have you ever heard of ...NOT MAKING THAT INCOME FOR VERY LONG? Good lord. Maybe you never went to grad school or paid off loans, but most people do - and most people don't make 320k right out of college. Good grief. NUANCE much?[/quote]

Yes I went to grad school---got mine fully paid for with a nice stipend as well.  I chose to attend somewhere that I wouldn't need $100K+ in debt for grad school.   Also paid off almost $100K in debt from my partner and my own undergrad (majority was my partners).  We did it in a little over 3 years, by continuing to drive crappy cars, live in modest apartments, not take fancy vacations, etc.  We scrimped to get rid of that loan debt before we changed our lifestyle.  Basically lived off of less than one salary and directed everything else towards the debt and then continued living that way until we had 20% to put down on a modest home. Knew education was a priority for any kids, so started saving once they were born.  And set a lifestyle to accommodate the need to save for college and our retirement.

So unless they just started making 320K, they likely have been gradually getting there and have been making over $200K for years (just a logical assumption).  Make the right choices and you can save at that income level.  
Really, most people making $320K could cash flow $20-30K/year for college.  So start saving that now and by the time the kids are college age, they should have enough combining savings to cash flow a decent school.

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