7 retirement-planning myths to dispel
College education should be top savings priority
We all want our children to become productive members of society, if for no other reason than they will no longer be dependent on us.
"I think it's admirable for parents to want to fund their kids' education so that they graduate debt-free," says Miller, "but it should never come at the expense of their retirement. It's much easier to borrow for an education than to borrow for retirement."
Further, if parents were to spend most of their money on their children's education, they could wind up depending on their children for support during their retirement years.