By Craig Erwin, Ph.D.
Photo by Dewey Gallery on Pexels.com
According to a Brookings Institution analysis, it costs $310,605 to raise a child to the age of 18. If the child has a disease, it will likely cost much more. And at 18, the college years often begin, and they can cost a fortune.
Children are not just expensive; they come with risks. For most parents, children will almost certainly affect how, when, and if they retire.
Clearly, most of us won’t stop having children. But consider the costs, risks, and consequences. Then plan and save.
Start a family if you wish, but look ahead and prepare. Start saving for college (and retirement) before your children are born. Otherwise, they’ll soon be ready for college, but you won’t be.
Do you have children? If so, do you regret that you didn’t save more or start saving earlier?
For more information, click on the links below.
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