College or Retirement? How Single Parents Can Successfully Save for Both
As plenty of single parents can attest, balancing the competing priorities of saving for your retirement and providing for your children's college education is no small challenge.
It's a predicament that's fraught with economic realities as well as emotions—should you prioritize setting aside money for your children's future or for your own? Or should you try (somehow) to accomplish both? It's a tightrope act that can be stressful, confusing, and discouraging when pursuing both goals concurrently on a single income. What's more, according to research from Merrill, this struggle might be even greater for women, who face a significant wealth gap throughout their adult lives compared to men. And when those underpaid women are single moms footing the bills for their families, is that kind of long-term saving even possible?
Yes. Single parents can navigate this very real financial planning dilemma successfully. To help you do so, we asked money experts to shed some light on how single parents should approach these seemingly competing challenges. Here are 10 concrete steps that can help provide your children with money for education, while also protecting your own financial future.