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?
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.
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