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.”