"If we don't change direction soon, we'll end up where we're going."
My son's student loans are killing my retirement. What can I do?
Source Date:
Tuesday, February 12, 2019
Categories:
Q. To assist our son in fulling his dream of becoming an Air Force pilot, we took out a Parent Plus loan to cover his tuition. We borrowed $90,000 over four years. Is there any write-off we can take? It's tough paying $1,200 per month and almost $1,100 goes to interest. It's killing my retirement.
-- Retirement-poor
A. You son is very lucky that you took out loans on his behalf.
Hopefully the day will come when he can help you with the payments.
That's a conversation you should consider having with him once he reaches his goal and is drawing an income as a pilot, said Claudia Mott, a certified financial planner with Epona Financial Solutions in Basking Ridge.
"He has a lifetime ahead of him to earn and save for the future, while your retirement dollars need to be focused on you and your immediate needs." Mott said.