Several years ago, a couple had to make a choice between setting up a Roth or setting up a 529 plan. Mom and dad were in their 40s and were already maxing out their retirement saving. Their children, however, were approaching that age when the reality of college loomed like a Damocles Sword. The choice was daunting: Should they save more for their own retirement or should they save for their children’s education?

Related: Millennials must strike a balance between today and tomorrow

On the one hand, only they were responsible for doing what was necessary for them to retire in comfort. On the other hand, every parent wants their children to live a better life than they did.

With this in mind, it’s not unusual for people in their 40s to get distracted when it comes to saving for retirement (and there are important strategies to employ at this age, see “The #1 Retirement Saving Goal for People in Their 40s and the Most Useful Strategy to Get There,” FiduciaryNews.com, April 4, 2017).

The financial planning textbook says parents should put their retirement ahead of saving for their children’s education. We all know the textbook never had kids, so it could never appreciate the anxiety associated with a college education.

Related: Would you make this sacrifice to help your child retire a multi-millionaire?

This is the time of year when many parents see the true cost of college. For those on the lowest end of the salary scale, college is nearly free. For those on the highest end of the salary scale, college costs don’t matter. For those in the unhappy middle, the cost of a college education has become a burden. By coincidence, that’s the very same group most in need of retirement savings. Go figure.

With those exorbitant bills comes the logical question: Is it all worth it?

The numbers can be sobering. An article in The Economist, “Is College Worth It?," states engineering majors will have earned between $500,000 to more than $1 million more than high school graduates after only twenty years in the work force. Art majors, unfortunately, might earn less than a high school graduate in that same time period. That same article states that more than 40% of college graduates fail to find jobs in their chosen fields. Worse, more than 40% are working in jobs that don’t require a college degree.

Lest we drown ourselves in too many statistics, let’s remember a couple of things. First, the totality of the college experience can’t be measured simply by one’s annual income. That’s just as bad a measure of success and potential as GPA alone.

Rather, the total value of a college education far exceeds the sum of its individual components. There’s something to be said about the irreplaceable common bond that occurs through the coming of age with a close-knit peer group. You learn things that can’t be measured. Things that can be used to attain great achievements, (if only because you’ve made some valuable connections).

Second, just because engineers make the most money doesn’t mean the major did it. In fact, studies show all the hard majors (science, engineering, math, and computers) tend to generate the highest career salaries. This could be because of the majors, but it could also because the smarter folks tend to survive these more rigorous academic programs. According to the study “Personality, IQ, and Lifetime Earnings,” “Personality traits and IQ affect the levels of earnings, especially in the prime working years.”

What did this all mean for the couple in the opening paragraph? Nothing. They wanted to save for their kids’ education, but they didn’t want to ignore their retirement. The Roth IRA provided the perfect compromise. While the 529 had a limiting use (for education only), the Roth IRA could be used for anything: college, retirement, new car, etc…

In the end, their children didn’t need anything. One child was awarded a merit scholarship, the other received a sports scholarship. They ended up using the Roth money to buy an RV, and today they're touring the country.

Sometimes an “either/or” choice is not an “either/or” choice.

Happy trails!