Many parents may have made the right personal choice by having children later in life, but they'll likely find their retirement and their kids' college years are on a financial collision course. For those parents and their planners, that could spell trouble.

"Education is so highly sought after that many parents put blinders on when it comes to costs," says David Lamp, a planner with BBJS Financial Advisors in Seattle. "It's easy to say on paper you won't need that much in retirement. This is a huge mistake, especially for older parents who have fewer years to make up for that mistake."

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