If you wait until your children are high school seniors to spring it on them that there's not a whole lot of money for school, they won't have too many options.
Absolutely pay off your credit card debt, because a child can always get a loan to go to school, possibly a scholarship, a grant.
Absolutely invest in retirement. You can always get a loan to get kids through school. I do not know of any loans to get you through retirement. The markets are seriously low from where they were (even though they've gone up 30 percent recently). Now is the time to be dollar cost averaging; the more money you put in, the more shares you buy. Save for your retirement, people.
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