I planned to retire by 55 — but my son has asked me to help pay for college. Should I just push off my plans?

Core Perspective - The article discusses the dilemma faced by Derek regarding early retirement and the financial implications of supporting his son's college education, particularly in the context of a significant medical program cost of nearly $250,000, which could delay his retirement by about five years [2][3]. Financial Implications - Derek currently earns approximately $150,000 annually and spends about $65,000 on mortgage, healthcare, and everyday expenses, indicating a carefully budgeted retirement savings plan [2]. - The average federal student loan debt is reported to be $39,075 per person, which can negatively impact lifetime earnings [4]. - An analysis by the Kresge Foundation indicates that the average student debt burden can lead to a lifetime wealth loss of nearly $208,000 for dual-earner households with bachelor's degrees, primarily due to lower retirement savings and reduced home equity [5]. Considerations for Funding Education - The family's financial situation must be assessed to determine if they can cover tuition without depleting retirement accounts, as withdrawing from savings could incur penalties and missed growth opportunities [7]. - Health considerations are crucial; if Derek or his wife face health challenges, the need for early retirement may arise, further impacting retirement portfolio growth [7]. - Job security is a factor; losing employment could hinder Derek's ability to fund both his son's education and his own financial needs [7]. - The student's academic commitment and performance should be evaluated to ensure readiness for a demanding medical program [7]. - The earning potential of medical doctors is generally higher, which may make student loan repayment more feasible; Derek might consider loaning money to his son instead of providing it outright [7].