CMG’s Tom Mingone was recently featured in a Yahoo! Finance article, giving advice on how couples in their 40’s can save for retirement.
As ground rules, resolve to continue your 401(k) contributions and not to raid your retirement savings to pay tuition bills. Then decide with your spouse how much you will contribute to college expenses. One common formula holds that you cover a third of the total bill from savings, a third through cash flow, and a third through loans or grants. Or perhaps you agree to contribute at least enough for one year. Whatever you decide, plan to tel your children before the search process begins. “You don’t want to surprise them with bad news when the tuition check is due,” says Tom Mingone, a financial planner in New York City.
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