It’s a financial decision many American families face as their children get older: Does building up the college fund or saving for retirement take priority?

T. Rowe Price asked a thousand parents what they would do, as part of its annual Parents, Kids & Money survey, and 74 percent said saving for college was the higher priority for them.

Stuart Ritter, a senior financial planner at T. Rowe Price, says that’s an understandable, but well-intentioned miscalculation.

“I'm not suggesting that you don't save at all for your kid’s college and only save for retirement or vice versa; this is not all or nothing,” Ritter said. “It's about prioritizing and that means putting the majority of your money towards retirement, while still saving for college.”

It makes sense that college is top-of-mind for parents as their kids get older, especially these days as the higher education costs are skyrocketing. But personal finance experts contacted by NBC News BETTER all agreed on the need for perspective: College is typically four years, your retirement may last 20 years or longer.

College is typically four years, your retirement may last 20 years or longer.

“I think it's a classic example of put your own oxygen mask on yourself before you help the person next to you, even if that person is your kid,” said Mandi Woodruff, executive editor at the financial advice website MagnifyMoney. “I would certainly say for parents who are cash-strapped to focus on your own retirement nest egg first and foremost.”

LIMITED OPTIONS FOR FUNDING RETIREMENT

Personal savings are key to having the lifestyle you want in retirement. While there are various ways to pay for college — including scholarships, grants, loans and work-study — the options for building up that nest egg are limited.

“As parents, we tend to want to do everything we can to help our children succeed, but sometimes we focus on the present at the expense of the future,” said Andrea Coombes, investing expert at NerdWallet, a financial advice website.