retirement

5 unforeseen expenses that ruin retirement

Bailing out an adult child
Next
4 of 6
Back
Bailing out an adult child

Maybe your college kid has picked a major with dubious earning prospects, or you have an adult child who is already in financial trouble. If you know you could never resist a request for a helping hand, you'd better plan to have enough cash on hand to cover your generosity.

Motz says helping their adult children financially is probably the biggest budget squeeze on her clients who have entered retirement. Some who are still saving for retirement have put their future income at risk by helping their child purchase a home or pay for other expenses, she says.

"When I'm helping them plan, I ask them to look at their life now," Motz says. "Who's in their life? Who are they responsible for? Who do they feel they would want to help if something came up?"


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Social Security disability tactics

If you must claim Social Security Disability Insurance, or SSDI, here are some things you need to know.  ... Read more

advertisement
Partner Center
advertisement

Connect with us