New York, NY (June 23, 2020) – With the cancellation of summer camps across the northeast due to the Covid-19 pandemic, money managers and wealth advisors have found a small silver lining among the despair in the form of early retirements for parents of multiple campers. On average, several top analysts agree, parents will be saving enough money this summer to comfortably stop working three to four years ahead of schedule.
With sleepaway camp tuitions ranging from $8,000 to $18,000 per child, the savings this summer could result in massive returns for the average stock market and real estate investor. UBS Head of Estate Planning, Marvin Cohen, believes this summer of savings, invested conservatively may afford parents the luxury of an early retirement.
“For a family with two children attending an average-priced camp, they can save well over $20,000. If you throw in all the additional spending for camp necessities such as brand new bedding, personalized throw rugs, the latest tie-dye creations…you’re looking at closer to $30,000 and if you invest in a moderately strong performing stock index fund, you can picture yourself in Boynton Beach by the time you’re sixty,” explained Cohen whose two sons spent their summers at Camp Huron Lake in the Poconos. “Just the money you can save on reusing bedding can shave months off of your work career. Do you throw away your bedding at home every two months? Exactly!!”
Other wealth managers are not buying into the idea of early retirement. Although the camp tuition savings could be significant, there are other costs to consider by having the children at home for the majority of the summer. Overpriced beach house rentals, family therapy sessions, and Grub Hub spending sprees will take a huge bite into parents’ wallets claims Harvey Och, Director of HO Wealth Advisors. “We’re going to see an uptick in alcohol and recreational drug spending over the next seven weeks as well as extra money being earmarked for rewarding children for leaving parents alone,” commented Och. “The savings may not be as significant as one may think.”
Although several experts differ in their opinions, they have nearly unanimously agreed that for the summer of 2021, parents will be so happy their children are returning to camp that they likely will go way overboard on frivolous, non-essential camp goods that could drive many families to the brink of bankruptcy.