Perspective: Stop sacrificing your retirement to coddle your adult children.
Closeup on man's hands writing a check in a checkbook. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 29 at 8:23 AM Half of American parents are risking their retirement savings to help support adult children, according to a recent survey.
Higher-earning parents were more likely to provide financial assistance compared with lower-earning parents. Sixty-one percent of parents making more than $80,000 per year said they were sacrificing their retirement to help support children 18 and older with their bills, while 54 percent of parents earning $40,000 to $80,000 said they are paying bills for their grown children.
I’ve seen this first hand. Parents cannot let go financially for fear their children will struggle too much. Or they cling too long, enabling irresponsible adult children. The financial umbilical cord has to be cut or you are going to end up with an overindulged adult still treating you like his or her personal ATM.The question of sacrificing your retirement savings to help support an adult child reminds me of the instructions the flight attendants give just before takeoff.
One of the biggest threats to your retirement solvency may be the cost of health care and prescription drugs.
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