Which comes first ... saving for your own retirement or helping your children finance their college?

There are certainly arguments in favor of either option, but unless you're in a position to do both, you probably feel like you're being pulled in two very worthwhile directions. You realize the need to plan for your own retirement, but at the same time, you'd love to be able to give your kids the opportunity to hit the ground running. If you do have to choose, the answer is simple: Save for your own retirement. Here's why:

Your kids will be in a better position to borrow. College students have an opportunity to apply for scholarships, grants, work study programs and student loans. Retirees, on the other hand, do not have access to nearly as many forms of assistance.

Your lack of planning could hurt your kids in the long run. Many parents are accustomed to putting their kids first, which is why the whole retirement v. college dilemma is especially tough. But, if you put all your money in the college basket, you face the very real possibility of not being able to meet your basic living expenses in retirement. Who will you turn to? There's a good chance it will be your kids -- and they may not be in a position to take on that added financial responsibility. 

Here's an analogy: If you're on an airplane and you need an oxygen mask, the flight crew will alwaysinstruct you to secure your own mask before helping children and other nearby passengers. The same principle holds true when it comes to your finances. The very best way to help your kids is to help yourself first, and that means working toward a financially-secure retirement. 

Jeff