Helping Adult Children: Liquidate The Bank Of Mom & Dad

Last update on: Jun 22 2020

This article presents the evidence against helping your adult children too much. It points out that helping adult children financial is a major reason more people aren’t financially prepared for retirement. It’s okay to help your children. But realize there are limits, and make sure they know that. Otherwise, in a few years you might run out of money and have to ask them for help.

Four out of five parents provide some type of financial support for their adult offspring, and they spend twice as much on them as they do saving for retirement.

Even more disturbing, half of parents are willing to draw down savings, and a quarter would go into debt or pull from retirement savings to support kids who’ve left the nest, according to a new survey from Merrill Lynch and Age Wave, a research firm, which provided the results to USA TODAY exclusively.

 

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September 2020:

Congress Comes for your Retirement Money

A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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