How to Avoid Having Your Children Derail Your Retirement
The baby boomer generation is known for “firsts” in many areas
of social reform, but one first we may not be enjoying so much is being
parents to the “boomerang” kids – adult children who
keep coming back to live with us or off of us.
Having to provide financial support for adult children indefinitely can
be devastating to your retirement plan, and financial experts recommend
that if you find yourself in this position, you should take these steps
to safeguard your own financial future:
Put yourself first. While this goes against most parental instincts, you should be sure you
can take care of your own bills before you start paying those of adult children.
Set limits. If you are in a position to help, put a limit on the amount of that help
and communicate it clearly to your children.
Review your retirement goals. Before you open your checkbook, review your own retirement plan and financial
goals. Be sure you are meeting those first before you extend financial
help to children.
Hold them accountable. It is never too late to teach good financial habits. If you don’t
hold your adult children accountable for their own finances, they will
most likely keep coming back to the well for more.
Don’t feel guilty. It’s natural to feel guilty when you have to say no, but you have
to let your children know that your financial stability comes first. It
may hurt now, but it will hurt a lot more if they become responsible for
impoverished parents in the future.
Contact our Fort Myers estate planning law firm for a complimentary consultation
on strategies to help protect and preserve your assets.