What is the name of your state?
http://www.usaweekend.com/07_issues/070617/070617money_couples.html
Why do people feel they have to choose between retirement and college savings?
Hughes: They don't have to. Who says you are required to pay 100% of your child's tuition? In my home, my brother and I worked hard to get good grades to get some scholarship help. We worked part-time jobs, too. It taught us we had to earn a college education, not have it given to us, so we took college more seriously. Parents need to realize it's not paying money that shows their love -- it's providing emotional support.
Epperson: There is no financial aid or scholarship fund for retirement, right, Dennie? We're living in an age where Social Security is in doubt, and companies are cutting traditional pensions. You're on your own. Why give your kids the wrong education by teaching them that everything should be given to them?
What about aging parents? Many couples are caught between children and parents who need financial help.
Epperson: I still say, take care of yourself first. You're not going to be much help to them if you're in bad shape. But it's also important to talk to them about their financial needs, so you know if, when and how much you may have to step in.
Hughes: It's also a good idea to help your parents with their situation before a problem develops. But because money issues -- especially with seniors -- are considered personal, don't bring up the topic in a way that could be interpreted as an invasion of their privacy. Instead, make them feel like their input is helping you. Try saying, "Mom and Dad, we've been looking into things like long-term health coverage and an annuities plan to take care of each other. Have you guys heard about this sort of thing?" just to get the conversation going. You'll find out where they are financially, and at the same time they'll get informed about what is available to them. End the conversation by offering to get them more information on the things you are talking about under the guise of asking them for their advice later. Nothing makes a parent happier than feeling like his or her advice is still something you find valuable.
---------------------------------------------------------------------------
http://www.usaweekend.com/07_issues/070617/070617money_couples.html
Why do people feel they have to choose between retirement and college savings?
Hughes: They don't have to. Who says you are required to pay 100% of your child's tuition? In my home, my brother and I worked hard to get good grades to get some scholarship help. We worked part-time jobs, too. It taught us we had to earn a college education, not have it given to us, so we took college more seriously. Parents need to realize it's not paying money that shows their love -- it's providing emotional support.
Epperson: There is no financial aid or scholarship fund for retirement, right, Dennie? We're living in an age where Social Security is in doubt, and companies are cutting traditional pensions. You're on your own. Why give your kids the wrong education by teaching them that everything should be given to them?
What about aging parents? Many couples are caught between children and parents who need financial help.
Epperson: I still say, take care of yourself first. You're not going to be much help to them if you're in bad shape. But it's also important to talk to them about their financial needs, so you know if, when and how much you may have to step in.
Hughes: It's also a good idea to help your parents with their situation before a problem develops. But because money issues -- especially with seniors -- are considered personal, don't bring up the topic in a way that could be interpreted as an invasion of their privacy. Instead, make them feel like their input is helping you. Try saying, "Mom and Dad, we've been looking into things like long-term health coverage and an annuities plan to take care of each other. Have you guys heard about this sort of thing?" just to get the conversation going. You'll find out where they are financially, and at the same time they'll get informed about what is available to them. End the conversation by offering to get them more information on the things you are talking about under the guise of asking them for their advice later. Nothing makes a parent happier than feeling like his or her advice is still something you find valuable.
---------------------------------------------------------------------------