I am so worried about my children and college and saving for retirement. My husband and I have 4 kids together. We never planned it that way. I was married to another man and had two kids. I left him because he became addicted to drugs. My husband was married before and has one child. He got divorced. Then we married and had one child. We are both way behind on saving for retirement and have nothing saved for kids college. We both went to college and value degrees.
I went on a college savings website and did a calculator and it said by the time my kids all go to college (ages 12, 11, 7 and 3). It will cost for a 4 year PUBLIC college between 50k and 60k per YEAR!
Although, we both have high paying jobs and are doing well, we live paycheck to paycheck. Paying for daycare and child support and our mortgage. At this point, our mortgage won’t be paid off until we are 70! Thirty year mortgage we got at age 40…..
My ex is obligated to pay for half his child college from previous marriage in the divorce decree. My ex will have nothing. I am so worried about my other three.
Do we worry about retirement and save nothing for them? Or do we save for both and not have enough for retirement and only some for a portion of their college? Because we both do pretty well, I doubt the kids will get much in terms of financial aid etc…
Lost….
Under this economy, you better be saving for retirement and as an emergency fund in case thing go even further downhill, which is likely if history teaches us anything.
http://childspprt.info/WhatPayersNeed2Know
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Federal Child Support Enforcement Handbook for Non-Custodial Parents
http://childspprt.info/
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To learn a father’s rights, join Dads House Educational Center in Yahoo Groups. It’s free to join and access all materials. You also associate with other fathers going through, and have already gone through, the same issues. We have an Educational Manual that teaches everything that needs to be known in addressing your legal issues. Mention your question here when asked why you want to join, as well as your state?
http://groups.yahoo.com/group/Dads_House_Ed_Ctr/
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2nd Wife Club in Yahoo Groups, for those brave enough to take on a man with "baggage".
http://groups.yahoo.com/group/2ndwifeclub
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For 22 years, I have volunteered my time working with divorced/single fathers dealing in family law issues, such as child support, teaching them about what the states are not telling support obligors. However, men are also highly stressed these days, with severe depression and high rates of suicide, which also need to be addressed.
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Retirement. Suze Orman, Dave Ramsey advice.
Your children can always apply for student aid, college loans and work
Retirement you can’t live on Social Security alone and at 67 yrs of age all you can do is work
There are no loans to pay your retirement
You need 3 million in investments
I would get your retirement in order before worrying about your children’s education. As "Mom" posted, there are tons of loans out there for education. Additionally, loans will be more readily available if you have some nice retirement savings and co-sign on those loans.
Put your retirement first. College costs are an ever changing thing and by the time your kids are college age, there might be new programs available, or scholarships that don’t exist today.
Do the max in your company retirement plans and also save in separate IRA’s for yourselves. Help your kids get the very best grades they can now, so they will be eligible for scholarships when the time comes.