should i pay for my kids college or retire?

i turn 46 next year and i will have 20 years where i work, and i can retire with a good pension that is protected and my twins finish high school next year! it will cost me about 500,000 to send them threw 4 years of college, i have about 600,000 that i have invested over the years that i have penciled in so i can live the easy life once i retire. my house is paid cars are paid for and i have no debt. so the q's should i pay for there school or retire and live the good life for the last 25 30 years of my life?

Public Comments

1. retire. make your kids pay for their own college.
2. Its too early for you to retire. I think you can go a few more years working and pay for their college. I think education is the most important and precious gift you could ever give them. Plus, if you continue to work the money will come back to you.
3. pay for part of your kids college
4. don't be selfish! pay for their education!
5. In most states you can get a free ride in college at a decent state school provided you have some talent or good grades.
6. Pay for half and have them pay for the other half. This will help them tremendously, and it will help them build character by working for their education.
7. help your kids pay for collegge dont pay it all for them.
8. Are you serious? This shouldn't even be a contest. Pay for your children's education, it is the best investment you can possibly make. Anyway, if they do well, which they most likely will, they could be paying you back double. You had children, you need to pay for their education.
9. It depends. I work in telecommuincations, we have a Union so I will have a decent pension if I stay there for 25-30 years. You are still very young - if you HATE your job - you could retire but things might be tight. Plus, you want to give the best to your kids to help them succeed in life. If you don't hate your job - stay until you just can't stand it any longer. Good luck!
10. 500,000 dollars? i made it through 5 years of college on less than 50,000. i would suggest they start off at a community college and earn their associates degree and then move on to their major. it makes it a lot cheaper and they finish all their gen-eds in 2 years for the most part.
11. First of all, we owe our kids the knowledge and experience we can give them to shape them into good citizens and prosperous adults. We however are not financially responsible for them after high school. If your kids want to go to college, they need to pay for it through scholarships/jobs, it's another part of growing up. You put in your time, now it's your turn to sit back and relax, watch your kids grow and learn, you can only support them emotionally now. Good luck!
12. Having the kids pay for their own tuition, or get scholarships or jobs can be a character building experience. How did YOU get through school? I paid my own way and it has made all the difference.
13. I tot of that qn before and come to a conclusion that i should keep the money and kid can apply for an education loan when they go to college. They have to be responsibile for their own education and life thereafter.
14. How good can your life be if you can't provide for your kids. It's not about retiring early its about providing an education for your kids, working till 65+ then retiring when you know your kids will have been given every possible opportunity possible. I swear, the baby boomers are the most selfish generation yet. What happened to "giving my kids a better life than I had"?
15. umm pay for half of your kids college and tell them they have to learn some responsablity. (not saying there not cuz i dont know) but you should help them but i also think you shouldnt have to worry about money after you retire.
16. Retire! Help them a little if you want, and be a safety net for them. But taking on responsibility for one's education is strong motivation to succeed.
17. RETIRE - your kids should have anticipated that you might not be able to afford to send them where they wanted to go and should have prepared for that possibility by getting good grades and earning a scholarship - if not it's their fault - I went to Tulane (a VERY expensive school) and my parents only gave me enough money for room and board - i earned a full-ride scholarship - that was the only way I was going to be able to afford to go to college - i knew it and prepared for it
18. I wouldn't pay 100%, but give them help to get started. The amount students can borrow increases the longer they stick with it, so their freshman year they can't borrow much. Help them out (you can call it a personal loan if you wish), and they should be able to borrow what they need for the remainder of their education. Knowing that it's coming out of their pocket will encourage them to take college more seriously, and at graduation time, if they've done well, you can offer to pay off all or a portion of the student loans.
19. retire...there are always student loans and financial aid to help your kids through college. Let them be on their own and learn responsible money management.
20. Why don't you try finding a 'new career' in a new place and KEEP WORKING. While retirement seems like a 'dream' most people who keep working well into their 70s and 80s are actually healthier and happier BECAUSE they keep working. I'm disabled, but I am a psychologist, and I can do my 'work' here on Y!A. My husband is 49, and he is planning on working 'well into his 70s ... not because we 'can't afford' for him to retire, but to help him stay 'young and active' ... and then, maybe, he'll start a 'whole new career' after that. Who knows? But ... do not 'pay ALL of the children's way through college. Let them 'work' for at least 1/2 of the 'cost' of their schooling and support ... they'll be GLAD for the 'experience' of that when they are 'out in the big world' without your money 'protecting them' from life.
21. You are going to need more than $600,000.00 to live on for the next 25-30 years. Let the kids work and pay their own way through college. They'll work harder for those grades unless they like throwing their money around. But if you pay for your kids to go through college, then lend them the money. They could pay you back interest free.
22. Make them get grants and scolarships, if thats not possable make them get jobs. Pay, but not more than half. You can live off the money they will earn from the great educiation you paid for. and who retires at 46, whats that about?
23. Sorry dad, you have an obligation to your children. However, you should be getting your financial aid information now. The kids should be applying for scholarships and work study. They may have to go to community colleges or state universities, where costs are lower. They are also responsible for their education and part of their salaries should be set aside for college. If they aren't working, then they should be. Most parents don't question their kids well being over their own, so I'm not sure where you are coming from but you really come off cold hearted. I believe you have a responsibility to request that your kids do their part, and frankly they will get more out of it if they do, but how you can consider your retirement or their education is beyond me.
24. Which school are these kids going??? that is 62K a year per kid... I went to a state university and it costs like 10K a year... My parents have supported me fully through college and now I'm on my own feet and making pretty good money now...You can spend less money, help them out with school and still have enough for retirement. My parents have always put me first in their life and I am so thankful to them.
25. Considering you misspelled "through" as "threw" , "their" as "there" and you don't seem to know where the caps key is, are you sure these kids are prepared for college? College isn't for everyone and trade school is nothing to be ashamed of. Do you know how much money a plumber makes?! Plenty, that's how much. But if you insist they go I reccommend they pay for it themselves.They can work while in college and take out a loan like the rest of us. You worked to get where you are today (wherever that may be) and deserve a nice retirement. You're only 46 though. You've got a long time until you really retire. Invest your money, retirement isn't cheap.
26. It is always nice that parents pay for their kids college. However, I do not understand why the kids do not work towards scholarships. If they want to attend college bad enough, they would work towards earning scholarships! I feel they need to put in effort to go to college and not have it given to them. This way they will appreciate their education more because they had to work to get it and it was not just given to them. Another thing is that kids that are forced into college, do not always appreciate what they are receiving. They are not interestedr. I did not force my daughter into college. She did not show interest in college. She did attend one semester at a junior college and decided that she is not ready to continue her education. It is her decision. Should you pay for their college? That is really your decision to make. I would not pay for my daughter's college, because she showed no interest and did not work towards a scholarship or try for any scholarships. If my son shows interest and trys to earn scholarships, I might help pay for his college, but not completely give it to him because he will not appreciate the education as much.
27. to help your kids out with college would be a great gift to them. it's really hard these days to get a quality education with the costs of tuition going up every year. your kids could get loans but do you want to see them starting out in their adult lives already saddled down with debt? besides- they are your kids. do you think that once they become of age they are no longer your responsibilty? if your retirement really is your main priority maybe you could offer to loan them the money at a low interest rate- then you save your precious investment and your kids can get a good start in life. question- when you were investing for your future- did the well being of your children and their future ever factor into yourcalculations?
28. stop showing off
29. As long as U raised Ur kids to be responsibly, U should be able to live it up....They can make it through with or without U....... Good Luck and Have Lots of FUN!!
30. The 500,000 figure seems a bit high for 4 years, unless they're going to an ivy---it should be closer to 300k for out of state/private tuition, (excluding "irrelevant" costs that would have to be paid with or without education). Higher than that you might want to reconsider what school they're going to and whether it could be done more cost-efficiently. Honestly, it depends on how much you value your kids. This sounds like a weird way to put it, but higher education generally beats market returns on investment. If your kids future consumption is as valuable to you as your own future consumption--put in in your kids, otherwise keep it for yourself. Since you do have that much socked away--your kids might have a harder time securing financial aid until they're determined to be financially independent. If it were me, I'd pay for the education--but it's not.
31. I think you're too young to retire. What the heck are you going to do with all the free time? I would send the twins to a local community college for the first year or two. Afterward, they can transfer to a university. You can save on cheap tuition and room and board. If the twins decide to go to a same university, you may want to find out if you can purchase a two bedroom condo. Twins can live there and you may be able to sell it off at a profit after they graduate. Perhaps twins can get part time jobs to contribute to the education cost. If they select same classes, they can share the textbooks and save $400 a semester! Two well educated sons with good jobs will be better for you than two uneducated sons with bad jobs. The later might end up costing more money and heartache/headache.
32. it depends if u really love Ur kids and u want them to have a great education u should pay for their college
33. Congratulations on your success at putting a good retirement plan together. There are a few million of us who would like to know how you did it! I was unable to retire at 46, but chose to pay for as much education for my children as possible. That was important to me personally, and I would not hesitate to do it again. However, at least one financial planner has stated that while the parents/kids can get loans for college, you cannot get loans for retirement. If you use the money to retire, your children will not have to support you later. If you secure an education for your children, they are less likely to return to the nest and require a lot of help. So, either choice will have some advantages.
34. So, how far are you going to throw the 500,000? Since the word THREW is the past tense of THROW...I would think that you would want to send your kids to college, maybe they could at least learn how to spell the word THROUGH
35. First off, even with interest dividends, 600,000 is not really that much money to live off, especially if you plan to need it fo 25-30 years. Have you consulted a financial planner? Second, paying for your twins education does not need to be an all or none proposition. You can agree to pay a percentage of their education and they can work for the rest. My father gave me the greatest gift when he paid for my education. It was an investment in my future. I graduated with a B.S. in nursing and have gone on to do quite well for myself. However, there is something to be said for working for what you want. After I graduated I offered to pay him back. He said "please just let me do this for you." He was proud of me and wanted to give me the gift of a college education. The partial scholarship that I earned helped me to feel that I was contributing as well. For what it's worth, I felt kinda guilty because I knew school was a lot of money. Have you asked your kids what they would want?
36. If you have such good investments and have such a good job why not work another five/ten years put your children threw college and by then 51 to 56 years old retirement will be all that. At age 46 I do not feel that 600,000 is enough to survive until you die. I mean I really do not feel secure with that . I think age 46 is to young to retire. Work is routine and has a way of making a person part of . Try not working for a while and being out of the mainstream a person can start to feel mighty depressed. Your children will not get what they deserve not going to college. Without an college education you go no where fast. I would feel better about the life of my children knowing I did all I could as their parent to make sure they will be successful.