Here’s a basic fact that indulgent parents may not like: Supporting Your Adult Children Can Wreck Havoc on Your Retirement.
Here’s why – by funneling your hard-earned retirement resources into paying your kids’ bills and living expenses, you could wind up with no money left for you or your spouse. And once you give money to an adult child, he or she expects that gravy train to continue. This can be devastating for couples that don’t put their retirement needs first.
Also, by bailing your kids out when they are in financial trouble, you prevent them from learning how to solve problems on their own.
What’s the answer? Tough Love. Sometimes the best lessons are learned the hard way. You will not be around forever and your kids have to learn to manage for themselves. And if you get sick and need money for medical expenses – who are you going to turn to if you have put your kids, instead of yourselves, first every time.
Ensure your financial future, not to be selfish, but to ensure the financial future of your entire family.