9 Reasons Many Americans May Never Be Able to Retire

7) They’re Spending too Much on Their Kids’ College Tuition

It’s very common for Americans to put paying for their kids’ college tuition ahead of saving for retirement. While every parent wants to help their kids pay for college, you don’t want to put your retirement on the line. After all, if you use all your retirement savings to pay for your kids’ tuition, you could end up needing to turn to them for money later in life. Before spending all your savings on tuition, see if you can find any merit-based or need-based scholarships for your kids. There are tons of tools online that will help you find these scholarships. If your kids are already at college, they could also talk to a financial aid advisor to see what options are available to them. Work with your kids, and together, create a plan that allows your kids to pay for school without jeopardizing your retirement.