Retirement savings often take precedence over college fund

Posted on: Tuesday, July 24, 2012

Perhaps as a result of skyrocketing tuition bills, a new survey indicates that parents may be putting more of a priority on retirement planning than saving for their children's college education.

The poll, conducted by Country Financial, found that 45 percent of respondents were focusing on retirement savings. Thirty-eight percent, meanwhile, said saving for their child's college fund was their prime concern.

This may serve as a boon for insurance agents, as life insurance leads are often tied to customers wanting to plan for their retirement years.

Joe Buhrmann, financial security support manager at Country Financial, said it's possible to save for both, but it can often prove to be challenging.

"Parents and their children should work together to decide how much they should realistically borrow for college and see how each can contribute," said Buhrmann. "Planning and consulting a knowledgeable professional can help you balance both of these needs."

Agents may want to assist their customers with this by offering tips on how parents can avoid taking on too much student loan debt.

Posted In: Insurance News, Life Insurance

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