<p>Ideally, parents should plan for both retirement and college education.</p>
<p>Parents shouldn’t leave themselves destitute but should be willing to pay for the most advantageous and beneficial college education possible for their children. If that means a lower standard of living in retirement, so be it.</p>
<p>I don’t fault parents who sacrifice dearly and still can’t afford the ideal college for their kid. I fault selfish parents who won’t give up their boat for the sake of their child’s education (and there are plenty of them).</p>
<p>How much do you need in retirement to supplement social security? Opinions would vary greatly. If you overspent on luxuries, it may seem like you need a lot more than you really do need. Materialistic parents would have trouble giving up the yearly cruise. </p>
<p>Those who are rich, have nothing extra. Those who are poor, have no need. (To paraphrase the Bible.)</p>
<p>Why would kids ever have to pay for the care of their elderly parents? Buy long-term care insurance. Give your money to your children as early as possible and let medicaid/medicare pay for the care.</p>