5 reasons you shouldn't risk your retirement to put your kids through college

Parents are used to making sacrifices for their children, so it seems natural to put aside retirement needs and focus on their college fund. In one survey from T. Rowe Price, 52 percent of parents said saving for their kids' college trumped saving for retirement. Here are five reasons that's a really bad idea:

Retirement is guaranteed. Going to college isn't.

You have an almost 100 percent chance of retiring someday, but the same can't be said about your kid going to college. The latest findings from the National Center for Education Statistics show that only 65.9 percent of students enrolled in college in the fall following their high school graduation. And not all of those kids will get their degrees.

Two words: Scholarships and grants

Your kids can apply for scholarships and grants to pay for college. You can't apply for those to fund your retirement. Each year, the U.S. Department of Education gives out approximately $46 billion in grants and scholarships, according to Debt.org. If your kids do the work of searching and applying for scholarships, they are likely to find the tuition money — or at least part of it.

Time is investing's best friend

If you wait to focus on your retirement account until you have fully funded your kids' college savings, you will miss out on the power of compound interest — which means you will lose out on thousands of dollars.

Your retirement years could be expensive

A recent estimate from Fidelity suggests a retired couple can expect to spend $245,000 on health care over 20 years (from age 65–85). This amount doesn't include dental care, over-the-counter medications and long-term care. Tack those on, and HealthView Services estimates the total amount a couple can expect to pay could reach $395,000. That breaks down to more than $1,600 a month.

You don't want to be a burden to your kids later

"I took care of them for 20-plus years," some parents say of their kids, "so it's their turn to take care of me!" Really? Is that how you want your children and grandchildren to remember that chapter in your life? And what if they couldn't help you? Don't risk having your entire family worried about finances.