Catch Up to College Savings

The thought of sending your extraterrestrial teen-ager to college can be bittersweet.

On the one hand, you get the alien out of the house.

On the other, it could be the most expensive exorcism of your life.

This time of year, things can get particularly scary. Another school season is arriving, reminding you that your space creature is one year closer to college -- and you likely haven't been saving enough.

If your 13-year-old gets himself into a private university, you're looking at total college costs of around $146,356, according to savingforcollege.com. And if you've saved nothing thus far, you'll need to stash $1,258 away a month to meet that cost.

Fortunately, you still have some options. Just know that your retirement account is not one of them.

Remember, you can't take a loan out on your retirement, but your kids can always get loans for college, says Matt McGrath, senior vice president at the financial planning house of Evensky & Katz in Coral Gables, Fla.

So don't dip into those accounts. And if you need to choose between saving for retirement or your kid's college education, be sure to weigh Johnny's college keg parties against the refrigerator box you'd be living in when you're old.