Today’s Hack
How much support is too much when it comes to helping your adult children financially? A growing number of retirees are facing the dilemma of supporting adult kids at the expense of their own retirement goals. Let’s talk about how to prioritize your finances and why keeping your kids on the payroll could erode away everything you’ve worked for.
Statistics reveal that nearly half of all parents are still providing financial assistance to their kids, particularly those in the millennial and Gen Z demographics. While the intention is often rooted in love and support, the financial implications can be severe. Whether it’s a few bills here and there or $3,000 a month for several years, the key question is: can your plan handle it?
Here’s some of what we discuss in this episode:
👨👧👦 Supporting adult kids? It might be more than you realize
📉 Unplanned help can quietly erode your retirement savings
💸 “Little things” like phone bills and insurance can add up fast
📊 Build financial support into your retirement plan on purpose
💬 Open conversations with your kids—and your advisor—are essential
0:00 – Intro
1:17 – Stats
2:35 – Why is this common now?
4:18 – When does it start hurting you?
6:32 – How to start making changes
12:09 – Finding the right balance
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome