*This is a work of non-fiction sourced from social media discussion boards and verified experts/specialists.*
In a recent post on Reddit, a parent shared that he decided to tap into his children's college accounts in order to fund his own retirement.
The parent explains that he had separate college accounts for each of her children, with each account currently holding around $50,000. He explains in more detail:
“I have a college account for each kid, they all have around 50k at the moment. Now, my oldest went to a trade school and we used his account to pay for that, it was relatively cheap. My daughter went to a small cheap community college before she dropped out. She’s now married and a stay-at-home mom.”
With both children well-established in their careers and lives, the parent felt that the remaining money in the accounts should be put to a different use. He continues:
“So, both of the accounts still have a ton of money in them and the two kids are well established at this point. The oldest makes 6 figures at this point, and my daughter married well off, and if they did divorce she would get a lot. So I emptied the accounts to use for my retirement.”
The father admitted to his children what he did, and acknowledged that they were upset, but defended his actions regardless:
“I mentioned it at dinner and they were mad, saying they still deserve the money even though it was for college only, and they never put a cent in. They both called me a terrible person. They asked why I could retire early, I told them the reason. I wasn’t going to hide it, they knew money was in the account it would have come up eventually, if not for them, but asking if they could use the extra for their kids.”
There is often an assumption that parents will prioritize their children's needs and support their education, as discussed by Forbes. In this case, the parent's decision challenges that assumption, raising questions about parental responsibility and ownership of funds, as touched on by The College Investor, who suggests that parents don’t pay 100% for their children’s education.
What do you think?
Was the author completely justified to use the leftover funds he saved for his kid’s education to put toward his own retirement, since the savings was his, to begin with?
Or was it wrong for the author to empty the education funds, and use that money for his own selfish purposes, and he should have given that leftover money to his kids?
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