16. Your Child Can Borrow for College — But You Can’t Borrow for Retirement
Many parents find themselves stuck between wanting to help their children pay for college and wanting to save for retirement, said Sally Brandon, vice president of Rebalance IRA. However, “putting a lot of money into a college fund isn’t going to help if your retirement savings suffer as a result,” she said.
Instead, Brandon suggested setting a budget for what you can afford to pay toward college.
“Tell your child what portion you can afford to pay,” she said. “If you have extra money after putting away what you need for retirement, so much the better.”