Often parents, wanting the very best for their offspring, take early distributions or loans from their retirement accounts in order to help with college costs. But doing so puts you at a severe disadvantage. You may still be dealing with your own student loans, but the reality remains that your own children can—and will, if necessary—take out their own student loans to pay for school. But there’s no similar option for you to take out loans to fund your retirement.
That’s why it’s so important to prioritize your own savings. You can’t predict what shape their education will take, and you definitely can’t bank on them getting rich and taking care of you in your old age. So, play it safe and prioritize your own retirement savings over their college fund.