Reply to Advice re underfunded college savings & well funded retirement

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My assumption is the family had a major medical situation for one of the income earner when the oldest child was in Middle School.

The plan prior to this was to continue on the path where they had 2 incomes - one that could easily cover college costs wherever they decided to go.   The plan was thrown off track and now there needs to be a new plan.

These things happen - and life assumptions need to change.   Talk to a financial advisor - and talk to your children.   You are raising them to be adults - this is an adult conversation they need to be a part of.

[/quote]

OP again. PP is correct. Thank you. The kids have had a lot of anxiety around the health issues and realisation that there will be no return to a six figure income. It is a delicate subject, don’t want to worry them too much. [/quote]

NP here. I am sorry for your health situation; that has to be stressful on top of difficult physically. However, please broach this with your eldest- he is old enough to be able to hear that you don’t have an unlimited college budget. You can reassure him that your finances are fine, you won’t lose your house or anything but the reality of your college savings is what it is. Please don’t avoid the topic with him- be direct and honest so that he is prepared now. He can still apply to his dream school but he will need to get strong aid or outside scholarships. And he will also need to be prepared for the reality that he may have to go to another school.[/quote]

+1, this is also the reality for most of our kids.  State school or scholarships.[/quote]

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