Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

Are your kids putting your retirement at risk? Question for those with adult children ~

If you’re like most boomer parents, you give cash or some kind of financial support to your adult children. And while this is certainly a generous move, it’s also a risky one, especially for those who haven’t yet saved enough for retirement.

Fifty-nine percent of parents financially support their adult children (ages 18 to 39) who aren’t in college, according to a new study by the National Endowment for Financial Education.  Nearly half (48%) help their adult kids with living expenses, 41% with transportation costs, and 29% with spending money.  When asked why they do it, 43% of parents said it was because they were “legitimately concerned” with their child’s financial well-being, and 37% said it was because they didn’t want their children to struggle financially like they once did.

http://blogs.smartmoney.com/encore/2011/06/09/are-your-kids-putting-your-retirement-at-risk/

 
tasches

Asked by tasches at 7:40 PM on Jun. 10, 2011 in Adult Children (18+)

Level 48 (298,202 Credits)
This question is closed.
Answers (6)
  • When my twins were 3 a financial adviser warned me that you can finance a college education but not a retirement.
    onethentwins

    Answer by onethentwins at 8:36 PM on Jun. 10, 2011

  • I know dhs family has helped out here and there, or given very generously, ( they gave me $300 for my bday a few days ago) and I know it's because they don't want our kids to go with out extras, like trips to the zoo, or toys. Or anything. We don't struggle by any means, we live comfortably, so dhs parents don't have to help us, but they do. I'm not sure if it is their way of showing us they are about us, and the grandkids, or they still have that need to take care of their son....
    BabyBugsmama

    Answer by BabyBugsmama at 8:04 PM on Jun. 10, 2011

  • I have a 23 year old still living at home and my retirement funds are secure, he has a job and I have no expenses from him.
    older

    Answer by older at 7:37 AM on Jun. 11, 2011

  • Eeek...I gotta get a job asap lol
    MissyNewMama

    Answer by MissyNewMama at 5:38 PM on Jun. 11, 2011

  • yep my parents do that for my 2 older siblings who also posses master's degrees, no kids and careers... while i am a divorced mom of 3, no degree yet and in the army.. they try but i refuse to let my parent support me as an established adult!!
    mrsary

    Answer by mrsary at 4:17 AM on Jun. 13, 2011

  • Like
    Candi1024

    Answer by Candi1024 at 8:42 PM on Jun. 10, 2011

Next question in Adult Children (18+)
TOUGH LOVE

Next question overall (Relationships)
Lost Libido adult content

close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN