College for the kids or retirement for you? Which goal has the highest importance? Or can you possibly save for both? These are a couple of the most frequently asked questions of financial planners.

First off, don’t be too hard on yourself about your money management. It is very difficult to accomplish either one of these goals, let alone both. The purchasing power, the company pension plans, the increase of education and starting families earlier play a huge part in such difficulties.

Your retirement should have a priority in your own life. Let your children go to a high-priced four-year private school if you wish, and give them the gift of learning to use their money wisely by paying for it themselves. Look at it this way, if you spend your money on college, then a few years of your retirement savings will be gone. Your social security may not be enough to make ends meet.

Read more Saving For College or Retirement