May 19, 2011 - The school year is coming to a close, which means that if you have young children, you are now one year closer to college days -- and college bills. At the same time, you are moving nearer to your own retirement. Can you save for college while you put money away for retirement? Yes -- but it will take planning, patience and discipline.
Your first step is to be aware of the challenges you will face. As you know, the financial crisis of 2008 and early 2009 took a bite out of just about everyone's retirement portfolio. And even though the markets have bounced back strongly, you might still have some ground to make up in your 401(k), Individual Retirement Account (IRA) or other accounts. At the same time, budgetary pressures may lead to reductions in Pell Grants and other federally backed financial aid to students, so you may need to provide more assistance to your children than you once might have thought.