As I've been helping families with college financial aid planning and strategies, more than once I've heard families say this. After all, paying for a kid to go to college today puts a huge dent into saving for retirement.
A number of clients have said, "After the kids leave, our expenses will go down and we'll be able to really save for retirement then!", or some version of that.
The Center for Retirement Research at Boston College looked at this exact situation. What do you think they found?
The basic answer of whether or not people save more when the kids move out? Umm...no. Doesn't really happen.
Are you surprised by this? Do you know anyone who had this plan? And did it work out for them?
