SGL Live on WGN 9 News – Paying for College & Saving for Retirement

SGL President Steve Lewit joined WGN News to share smart strategies for balancing college savings and retirement planning, as many families face tough financial decisions with student debt repayments resuming.

Here’s what was covered Live on WGN 9 News:

• Prioritizing retirement savings, including continued 401(k) contributions due to high healthcare and long-term care costs, is paramount because no financial aid exists for retirement and neglecting it can burden children later.
• Openly discussing college costs with children while continuing 401(k) funding and considering 529 plans is a smart prioritization of retirement, as early 401(k) withdrawals result in substantial lost compounded savings.
• Students without parental support must actively pursue financial aid, scholarships, consider community college first, work part-time, and budget carefully to manage college expenses and loans.