Good ideas so far.
We are actually fantastic at retirement savings. Have always maxed out the 401K and despite 2008, I think we will be recovered enough when the time comes.
But I will add my biggest regret: Not saving enough for my kids college. Husband and I are both self-made professionals, worked our own way through college. But that was back when college (undergrad) cost $8,000 a year so you could do it! With average state tuition now $24-27K per year, it is almost impossible for an 18 year old to work their way through school. There are now limits to federal student loans (limit of $5,500 their first year and maxed out at like $6500 their jr and sr. year...which barely makes a chink in $25,000 per year!).
Start early and save just $50 a week. Have it auto-drafted to a 529 account. Start it when they are young. You won't miss the money.
The average state school now costs $25K a year and a lot of them give very little merit aid. Most NPs + spouse salary will make too much money to qualify for much meaningful need based aid at the elite privates or LACs.
Message me if you want college planning tips! I love sharing what I have learned!
