Anonymous
12/01/2016 10:20
Subject: Trading Retirement Contributions for Private School Tuition
I would NOT do this. That is a huge expense and a long time to not be contributing. Plus you'll have to think about college, too.
You should do what the rest of us do - move to the closer-in suburbs and use the good public schools. Chances are you'll pay about the same price for your house, and rates are still pretty low, right?
You should do what the rest of us do - move to the closer-in suburbs and use the good public schools. Chances are you'll pay about the same price for your house, and rates are still pretty low, right?
Anonymous
12/01/2016 10:01
Subject: Trading Retirement Contributions for Private School Tuition
Are there less expensive private school options like catholic schools in your neighborhood? Perhaps that would allow you to continue your retirement contributions? Though honestly with $1m already saved and 20 years left to work, you're in a good position even if you don't contribute much more at this point.
Anonymous
12/01/2016 09:51
Subject: Trading Retirement Contributions for Private School Tuition
Maybe Trump can help? I wonder if school tuition is only for college years though as it is at the moment?
CNBC:
Under Trump's dependent care savings accounts, contributions would be tax-deductible and would grow tax-free. Withdrawals aren't taxed as long as you use them for qualified child-care expenses, including traditional child care, after-school programs and school tuition.
CNBC:
Under Trump's dependent care savings accounts, contributions would be tax-deductible and would grow tax-free. Withdrawals aren't taxed as long as you use them for qualified child-care expenses, including traditional child care, after-school programs and school tuition.
Anonymous
12/01/2016 08:32
Subject: Re:Trading Retirement Contributions for Private School Tuition
I refinanced my home and took money out. I am already in a "good" school district but my kids are dyslexic.
You gotta do what ya gotta do.
Going private gives you options.
You gotta do what ya gotta do.
Going private gives you options.
Anonymous
12/01/2016 08:30
Subject: Trading Retirement Contributions for Private School Tuition
There was a post a few weeks ago in the private schools forum called something like "Did your parent stretch financially to send you to private, and do you appreciate it?"
A LOT of folks said their parents raided retirement funds to send them to school, and they really wish their parents hadn't done that because they didn't think it was worth it.
The best gift you can give your kids is a good education (it' doesn't have to be the very best) + some financial independence once they reach early adulthood. That means saving your $$$ for college and your own retirement, so your kids aren't starting out their adults lives riddled with debt and supporting older parents who aren't able to retire.
A LOT of folks said their parents raided retirement funds to send them to school, and they really wish their parents hadn't done that because they didn't think it was worth it.
The best gift you can give your kids is a good education (it' doesn't have to be the very best) + some financial independence once they reach early adulthood. That means saving your $$$ for college and your own retirement, so your kids aren't starting out their adults lives riddled with debt and supporting older parents who aren't able to retire.
Anonymous
12/01/2016 08:26
Subject: Trading Retirement Contributions for Private School Tuition
Don't do it. Move to a suburb with better public schools and save your money for college tuition.
Anonymous
12/01/2016 08:20
Subject: Trading Retirement Contributions for Private School Tuition
Anonymous wrote:Anonymous wrote:Once you switch to private school everything else feels like a compromise. Our kids are in a top notch DC private with 12 kids and 2 experienced teachers per class. We just moved to Montgomery county with the thought of maybe using the publics, only to learn they'd be in a class of 24 with one teacher. It's much better than DCPS but no comparison to private. If you choose to go to a top private then it's hard to go back to any public.
My advice is to apply to privates and request aid, I've heard of friends making up to $300k getting aid if they had more than one kid and other financial obligations. It can't hurt to ask, you may get a significant discount. Do you have pensions? If so I wouldn't be so worried about your level of retirement savings.
Yeah, but many of the kids I grew up with who went to these type of elite privates turned out really mediocre. I'm just not sure they fostered any real understanding of people and the world and grit. To be successful in life you need to learn more than how to be coddled in ideal circumstances at all times.
X 1,000
Anonymous
11/30/2016 20:36
Subject: Trading Retirement Contributions for Private School Tuition
i'd post in private school forum
Anonymous
11/30/2016 20:34
Subject: Trading Retirement Contributions for Private School Tuition
Anonymous wrote:Once you switch to private school everything else feels like a compromise. Our kids are in a top notch DC private with 12 kids and 2 experienced teachers per class. We just moved to Montgomery county with the thought of maybe using the publics, only to learn they'd be in a class of 24 with one teacher. It's much better than DCPS but no comparison to private. If you choose to go to a top private then it's hard to go back to any public.
My advice is to apply to privates and request aid, I've heard of friends making up to $300k getting aid if they had more than one kid and other financial obligations. It can't hurt to ask, you may get a significant discount. Do you have pensions? If so I wouldn't be so worried about your level of retirement savings.
Yeah, but many of the kids I grew up with who went to these type of elite privates turned out really mediocre. I'm just not sure they fostered any real understanding of people and the world and grit. To be successful in life you need to learn more than how to be coddled in ideal circumstances at all times.
Anonymous
11/30/2016 19:26
Subject: Trading Retirement Contributions for Private School Tuition
Once you switch to private school everything else feels like a compromise. Our kids are in a top notch DC private with 12 kids and 2 experienced teachers per class. We just moved to Montgomery county with the thought of maybe using the publics, only to learn they'd be in a class of 24 with one teacher. It's much better than DCPS but no comparison to private. If you choose to go to a top private then it's hard to go back to any public.
My advice is to apply to privates and request aid, I've heard of friends making up to $300k getting aid if they had more than one kid and other financial obligations. It can't hurt to ask, you may get a significant discount. Do you have pensions? If so I wouldn't be so worried about your level of retirement savings.
My advice is to apply to privates and request aid, I've heard of friends making up to $300k getting aid if they had more than one kid and other financial obligations. It can't hurt to ask, you may get a significant discount. Do you have pensions? If so I wouldn't be so worried about your level of retirement savings.
Anonymous
11/30/2016 19:18
Subject: Re:Trading Retirement Contributions for Private School Tuition
Save your retirement and move to Montgomery county or Northern Virginia.
Anonymous
11/30/2016 19:17
Subject: Trading Retirement Contributions for Private School Tuition
I agree with above sentiments. Fortunately our WOTP middle school option is expected to be a great option by the time my kids are in 6th grade. The other thing I hear from like parents is all the things the ultra wealthy things these kids are doing - luxe travel frquently, luxe goods which our kids, etc. won't have. So, sitting tight for now, but don't think not putting money in retirement is a good choice.
Anonymous
11/30/2016 19:07
Subject: Trading Retirement Contributions for Private School Tuition
I agree with PP. As much as you don't want to, it makes much more financial sense to move to an area with a better public school district and keep saving for retirement. I am in the same boat as OP, and I have come to the conclusion that private schools are only for the ultra-elite; not us mere mortals who make a combined $230K a year (which we also do).
Anonymous
11/30/2016 18:50
Subject: Trading Retirement Contributions for Private School Tuition
Am in a similar position. Our kids are not yet in schools. Best plan right now is to sell the house I love (but is in a not so great school district) and move to a better one when the time comes. Just can't swing private tuition for 3 for 20 years each + college and retirement. Insane.
Anonymous
11/30/2016 18:40
Subject: Trading Retirement Contributions for Private School Tuition
I am completely over DC public schools and plan to enroll my son and daughter in private schools. We are in that odd space where we earn too much to be poor but not enough to be wealthy ($240k HHI with family of 4) so we are not counting on financial aid though we will apply. The only way we can swing tuition is to stop contributing to our retirement accounts beyond the match. Are we foolish? We are mid 40s with $1 million in retirement accounts (401k, 403b, and IRAs). Our children will be in K and 3rd grades. Please provide insights if you have made a similar decision and have regretted it or stand by your decision. TIA.