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Curry Financial Group Inc logo

Matthew J. Curry, CFP®, ChFC®, CLU®

Financial Planner

CA Insurance Lic. #4305463

 

Curry Financial Group, Inc.

23 Green Street, Suite 207

Huntington, NY 11743

 

Phone:  631-927-3322

Cell:       631-332-8774

Fax:        877-840-7821

 

Email: matt.curry@prudential.com

May/June 2025

Balancing Saving for College an Retirement

Balancing Saving for College an Retirement

Summer vacation is almost here. How many more summers until you have a graduate heading off to college? It always comes faster than we'd like. So does retirement. Will you be ready? When it comes to choosing between saving for a child's college education or saving for retirement, which one should be the priority?


Think About it This Way
Sure, you want to minimize the amount your child will owe for student loans. But keep in mind that there are no loans for retirement if you come up short on your savings. While there are no hard and fast rules about prioritizing your savings, the usual recommendation is to put aside money for retirement first. Your personal circumstances should be your guide. Here are several things to consider.


How Much Have You Saved?
If you already have significant retirement savings, you may be able to direct more money toward saving for your children's college expenses. Be sure to run the numbers first, so you know you can afford to do this. However, make sure you're still contributing enough to your company's retirement plan to take advantage of employer matching funds.


Contribute to a 529
Plan A 529 plan* allows you to make after-tax contributions to a college investment account on behalf of a designated beneficiary. One upside: Parents may be able to contribute less if others are chipping in. Grandparents, other relatives, and friends can contribute to the account. Withdrawals are tax free if they're used to pay qualified education expenses, including tuition, room and board, fees, books, and supplies.


Open a Roth
IRA Although typically for retirement savings, a Roth IRA can do double duty as a college fund. You won't pay a penalty on earnings you withdraw to pay qualified higher education expenses if the account has been open for five years or longer. Any funds remaining in the IRA will still be invested for your retirement.


Other Payment Options
There are a variety of ways to pay for college, including financial aid, loans, and work study. In addition, many organizations offer scholarships to students whose interests align with their mission. Start as early as you can. Work with your school's counselor throughout high school to learn how to qualify for aid.


*Certain requirements may apply. Before investing, read the program offering statement and consider the investment objectives, risks, charges, and expenses. These plans are not guaranteed by any state or federal agency.

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Matt Curry is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Curry Financial Group, Inc.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Curry Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.