Save for Retirement Before You Even Think About the Kids' College Fund

Every year, investment firm T. Rowe Price does an annual survey called “Parents, Kids and Money.” This year, the report offered some disturbing news: Parents of all boys were more likely to be saving for college than parents of all girls. This kind of antediluvian attitude is alarming in this day and age, and Forbes properly highlighted it. But buried in that survey I found other alarming factoids: More families have college savings than retirement savings, and over two-thirds of families said they prioritized saving for college over retirement.

If this describes you, it’s time to rethink your priorities. Saving for retirement is a necessity. Saving for college is something optional that you do after you make sure you’ll have food and shelter in your old age.