A new Edward Jones report released this morning has some interesting details on parents saving for retirement and college for their children. The report says that a third of parents are saving equally for retirement and paying for college, a third are putting more money into one than the other and another third aren’t saving for either.   To further analyze this data, the report states that younger parents (35-44) are more likely to save for both (37%) than those ages 55-64 (23%).  This is interesting data considering retirement and paying for a child’s college education many times come around the same time.  So remember that retirement savings are just one of many financial considerations when growing older. 

In other news, in regards to a USA Today posting on 401(k)’s it seems that the IRS may just reduce the amount you are allowd to contribute to your 401(k) in 2010 to $16,000.  This is truly upsetting news considering now is the time that people are going to have to put as much as they can back into their savings because they had to delve into during the recession. Let your Congressmen know that this should not happen, now is the time to save away for the future!