When it comes to saving for your kid's college, you need to put your own retirement needs first, says Carrie Schwab-Pomerantz, author of "The Charles Schwab Guide to Finances After Fifty". She says there are no second chances to save for retirement but there are many ways for kids to help pay for their educations. Schwab-Pomerantz also says that estate planning is not just for wealthy families and offers tips for parents looking to leave a legacy for their children.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

If you liked this article you might like

Massachusetts Opens Inquiry Into 7 Brokerage Firms

Charles Schwab, SAP, Nike, General Electric: 'Mad Money' Lightning Round

Old Dogs Are Learning New Tricks: Cramer's 'Mad Money' Recap (Wednesday 7/26/17)

Goldman Sachs' Culture of Secrecy Draws New Skepticism After Trading Gaffe