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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]

80k per year for multiple kids is a lot for 300k HHI unless they have a pension (ie no retirement saving pressure) and good job security)[/quote]

Saving that much is not really "a lot" if you prioritize it.  Start saving early. At that income, you can probably save $20K/year now.  So do that from now until kids start college, and use that $20K to cash flow once in college.   Also, your kid can get a great education without attending a T20 school.  Look outside that and you can find merit for your kid---the best gift you can give your kids is a set free college education---or as close to it as possible.   You do NOT need to pay $80K/year.  But if attending a T20 school is that important to you (really it shouldn't be if you have to take more than $5K loans each year), they you have to pay for it---with loans or by prioritizing and saving before college.  [/quote]

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