Dear Mr. Dad: Our son just turned 8 and my husband and I have been talking about how we’re going to pay for his college education. We really don’t have a plan. I say that we should take the money out of our retirement accounts, but my husband says we shouldn’t. We’re both feeling completely overwhelmed by the whole college tuition thing. Who’s right?
A: Congratulations! It’s great that you’re having this discussion right now—too many parents put the whole thing off until it’s almost too late. And you’re not alone in feeling overwhelmed. In fact, a recent report called “How America Saves for College 2013” (produced by Sallie Mae, the country’s largest education financial services company) asked parents to describe their feelings about saving for college. The top answers were overwhelmed, annoyed, frustrated, and scared.