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Should I save for my retirement or my child's college education?

Funding a 401k or IRA for retirement or child's 529 college saving plan Parents are sometimes required to make a choice between funding their own retirement account or child's education savings account. While they may take the emotional decision of funding their child's college, it may not be the financially  sound decision as it makes more sense to fund the retirement account. There are several reasons: 1. Parents will need their retirement money when they get old and are unfit to work. 2. Their child's education always can be funded through scholarships, grants and student loans. 3. They u can always do a second job or their child can always get a summer or part time job to find their education. 4. A grandparent, an aunt or uncle may decide to fund their child's education. 5. Their retirement account may have an employer matching, which they won't get for their child's education savings account. 6. If it really comes down to it, they can withdraw from your retirement account without paying a penalty. However if your child doesn't attend a college, they cannot withdraw money without a penalty to fund your retirement.