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Setting priorities for saving money

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Are your money-saving priorities in check?

Oct. 24, 2018

What's more important: Saving for your retirement or putting money in the kid's college fund?

For its 10th annual Parents, Kids & Money Survey, T. Rowe Price asked a thousand adults that question, and 74 percent said saving for college was the higher priority for them.

This response is up dramatically from 2017 when 68 percent of the parents put college ahead of retirement savings.

Finance experts consider that a mistake. They recommend prioritizing retirement savings over college savings.

Why? Because there are various ways to pay for higher education and few options for most Americans to cover the costs of living in retirement outside of government benefits and personal savings.

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