Not sure I'd pay $77K a year for college, especially if I only had $1.6 million but I'm in Utah where good schooling can be had pretty cheap.Hello,
DS is applying Early Decision 2 to a D3 selective school with athletic support. The early financial aid pre-read based on CSS came back at nearly full cost at 77K/year. We have lived off of one salary for a long time and invested the rest, leading to $1.6 million in retirement savings that we probably won't need because of two healthy pensions. I'm 47 and spouse is 50, so about 10-15 more years to let the current assets grow. We've always valued education and planned to cash flow college. Now that it's time to pull the trigger, I'm having unfounded psychological qualms about not being able to save for the next several years. I know it's illogical because I don't need to save more for retirement. Please share your stories of how you crossed over from being a super saver to not saving at all while you were putting kids through school.
Thanks in advance.
But that's not what you're asking. If you have enough, then spend the rest on what you value. That's what financial planning is all about is making sure your money is going toward your values. It sounds like you've run the numbers. Have faith in your analysis.
Do bear in mind that there is no guarantee that you'll be able to work to 65 or even 60.
Statistics: Posted by White Coat Investor — Fri Dec 20, 2024 12:24 pm