The tough and unreliable economy has left many baby boomers to make impossible decisions - choosing to pay for their child's college by dipping into their retirement savings, or keep their savings intact. However, before these boomers make this choice, they should think about the consequences, according to USA Today.
Many boomers do not realize how detrimental dipping into their retirement savings can be for their future. It can bump back when these individuals retire, and even then they may not have enough saved to retire, as the prices of a college tuition have done nothing but rise dramatically, according to the news source.
This can completely alter retirement living plans, as it is much harder to obtain loans for the golden years than it is for a college tuition.
According to Forbes, there is a series of little things that a prospective retiree can do in order to save enough for their golden years, including knowing exactly what they are spending their money on, which can make it easy to find what is and what isn't needed. Some may want to move to a retirement living community, where they have everything they need close by.