Why one expert says parents should put retirement before college savings

As college costs continue to rise, many families are facing a difficult financial question: Should they prioritize saving for their children's education or focus on their own retirement?

According to certified financial planner Regina McCann Hess, the answer may not be what many parents expect.

In a recent appearance on the In Your Corner podcast from CBS News Philadelphia, McCann Hess said retirement should come first, while still finding ways to save for future college expenses.

Put your own financial future first

McCann Hess compared retirement planning to the safety instructions passengers hear before takeoff.

"The airline attendants, what's the first thing they do? They say if the oxygen mask comes down, you put it on yourself first," she said. "Do what you can for you, and then help your children."

She noted that while students can borrow money for college, there is no equivalent option for retirement.

One of her top recommendations is making sure workers contribute enough to their employer-sponsored retirement plan to receive the full company match.

Start college savings early

While retirement should remain the priority, McCann Hess said parents should begin saving for college as soon as possible through a 529 plan.

She recommends opening an account shortly after a child is born and setting up automatic monthly contributions.

McCann Hess also encourages families to think creatively about building college savings.

"Whenever holidays came around, I would ask the aunts, uncles, grandpops, 'Can you guys just, you know, contribute to the [529]?' They have enough stuff, right?" she said.

Have realistic conversations about college costs

McCann Hess said families should be honest about what they can realistically afford before students begin applying to colleges.

She warned that students and parents can face significant debt burdens when expectations and financial realities are not aligned.

Her message to parents: Saving for retirement and college does not have to be an either-or decision, but securing your own financial future should be the first step.

You can hear the full conversation with Regina McCann Hess in the latest episode of the In Your Corner podcast on the CBS Philadelphia YouTube channel.

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