When you're the single parent of an only child, you want only the best possible life for your kid. That's how Jacqui Sentmanat feels. But it's an expensive proposition.
It already cost the 42-year-old Houston accountant $20,000 to get pregnant through fertility treatments and to take time off work to be with her daughter early on. This nearly drained her emergency savings. She has since replenished the funds, but now she faces a quandary: how to invest for her retirement while tackling her daughter's long-term needs.
For starters, Sentmanat wants to send Franqui, 3, to private school. She has already paid the $8,200-a-year tuition for preschool. That's on top of the $5,500 a year she'll have to shell out for after-school and summer care. And when Franqui gets to high school, annual tuition costs will likely soar above $10,000. Then there's college to worry about. With public schools costing more than $16,000 a year, it's easy to see how saving for Franqui could eclipse any hope of a regular retirement for Sentmanat.
She knows her retirement is important, but she really wants Franqui to be able to graduate without student loans. "This isn't just about freedom for me in retirement," she says, "but freedom for her from debt."
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