You can't take a loan for retirement.
Your kids can borrow for college. You cannot borrow for retirement. So the right order is retirement → emergency fund → 529 — not the other way around. Here's how to do all three on a real-world budget.
Your priorities, in order
Capture employer match before anything else
A 401(k) match is a 50–100% instant return. No college savings vehicle competes. If you're not getting the full match because you're funding a 529, you're losing money.
Term life insurance, not whole life
20–30 year term policy at 10–15× income. Costs ~1/10th of whole life and covers exactly the years your kids are dependent. Buy young — rates skyrocket after 40.
Open a 529 — but only after retirement is on track
Tax-free growth, tax-free withdrawals for qualified education, often state-tax-deductible. SECURE Act 2.0 lets you roll up to $35K of unused funds into the beneficiary's Roth IRA — no waste.
Estate basics: will, beneficiaries, guardian
A will naming a guardian, beneficiaries on every account (especially 401(k) and life insurance), and a basic healthcare directive. $200–$500 with a lawyer or $50 with a service like Trust & Will.
Calculators built for this stage
Recommended reading
Frequently asked questions
Should I save for college or retirement first?
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Whole life insurance for the kids?
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