College tuition and board are astronomical these days—and rising. But living and medical expenses for retirees are high, too. What’s a family to do? What do you save for?

The hard-and-fast rule, surprising to many, is to fund retirement first.  Loans are available to cover college costs, but you cannot borrow for retirement. And it costs more for an adult child to care for a needy elderly parent than to pay off college debt. Experts recommend that those with a 401(k) contribute at least enough to get the maximum employer match, preferably up to a maximum contribution. Have a fund for emergency expenses. Then fund a 529 plan for the children.

More ideas: parents can work a little longer; students can earn, too. Do financial homework before choosing colleges; what type of school can you really afford? And consider a flexible, tax-free Roth for either retirement or college needs.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

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