Supporting your grown children financially?

supporting grown children
budgeting.thenest.com

Are you putting your retirement at risk by supporting grown children?

By Michelle Singletary, The Washington Post

June 5, 2017

“As the parent of three children — and two college students — I understand that many parents feel responsible to come to the rescue when their grown kids face tough financial times.

Your daughter graduated with a lot of student loans, so you might be inclined to offer to pay some or all of her monthly payments for a while. Your son’s car breaks down so you dip into your savings to help him fix it so he can get to his job.

Or maybe your adult child is just trifling with money. But rather than see him or her go without, you still step in with a bailout.

Recent findings from a Wells Fargo/Gallup survey found that a third of investors are helping an adult child, parent or both. What concerns me is that 61 percent of those who provide financial assistance said their support is affecting their retirement savings.”

Are you a member of the “sandwich generation?”

 

sandwich generation
whatisthesandwichgeneration.com

When You’re Taking Care of Your Kids and Your Parents at the Same Time

by

“The term ‘sandwich generation’ was coined by social worker Dorothy Miller in 1981, to describe women in their 30s and 40s who were the primary caregivers for their young children and their aging parents. The reality today is that the sandwich generation includes both men and women, ranging from their 30s to their 60s.

According to nonprofit association Aging Life Care, America’s sandwich generation is one of the fastest-growing populations. ‘This group of people often find themselves stuck in the middle of trying to juggle a hectic schedule that includes caring for parents experiencing a decline in health, keeping up with adult children as they struggle to make it on their own and begin their families and managing the financial and emotional stressors that arise throughout these circumstances.’

A 2013 Pew research report found that 47 percent of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older). Around 1 in 7 middle-aged adults is providing financial support to both an aging parent and a child.”

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