NEW YORK – Many Americans today face a difficult decision – should they prioritize saving for retirement or for their children’s college education?

Fleet Bank argues you should pay for your retirement first, and that’s not as greedy a decision as you may think.

In a booklet entitled, “Making Your Money Work for You,” Fleet writes that spending all your cash on college savings will simply make you a burden to your children later in life. The potential expenses of health care and supporting a comfortable lifestyle in retirement are far higher than the tuition charged by even elite universities.

You are also sacrificing potentially huge future returns investing all your money in your children’s education. At 8 percent interest, $1,000 set aside every year for 30 years will become $122,346. Do the same over 15 years and you end up with only $29,834.

Not only does a healthy nest egg give you peace of mind and a more comfortable retirement, it potentially leaves you with assets you can pass on to your children. The key is to confront the issue, set priorities and act to achieve both goals as best as possible.

To find out more information on “Making Your Money Work for You,” go to www.fleet.com 1/4smarterdecisions.

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AP-NY-11-20-03 1804EST