With the future of Social Security uncertain and company pension plans biting the dust right and left, you may be just a bit shortsighted if you fund your children's college savings plans without also saving, just as actively, for your own retirement. Especially for parents who began their families in their 30s, retirement is going to come hard on the heels of your children's college years, and you're not going to have a lot of time to make up deficiencies in your retirement savings.

You can borrow for college, but you can't borrow for retirement. As you save for college, always keep sight of your future retirement needs, and make sure that you don't shortchange yourself.