Getting a later start-college versus retirement, a growing conundrum by R Quinn

Our oldest child is age 55, - three children ages 14 and 12 (twins),

our second is age 54 - three children ages 14, 13 and 10,

our third age 51 - three children 18,17 and 13,

and our fourth age 50 - two children ages 20 and 17

All ages are rounded.

Look at these ages and what comes to mind, college, retirement? Pretty sure not retirement any time soon. This is what I ponder when I read about FIRE or even early retirement before age 60. Our children will be near or over age 60 when our grandchildren finish college. I look at these ages and wonder how they will ever retire. 

Needless to say none of our children has a pension and two don’t have a 401k, two are working two jobs. 

All this is why we fund 529 plans and help our children occasionally and why I am keen to leave the largest legacy we can. Once again I find my thinking out of the norm. An article on MarketWatch says boomers intend to spend their money and leaving an inheritance is not a priority. 

This example is similar to the reality for many families. The trend of people having children at older ages is well-documented in the United States. However, according to the Census Bureau the average family size in 2022 was 3.13, but even one or two children with these age scenarios may have a significant impact on finances, especially retirement. 

I was 45 when our oldest child entered college and they were all finished ten years later.  I suspect there are people who don’t see their children’s college as an obligatory expense. That is a choice. 

In any case, saving for retirement should be the priority, but it’s still a tough road for people who start families later in life. 

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