More and more adult children are living with their parents and grandparents, according to a Pew Research study. The 2013 study shows that nearly three in ten young adults ages 25 to 34 (29%) have lived with their parents in recent years, and 78% of these boomerang children say they’re satisfied with their living arrangements.1
Even if the adult children and their parents or grandparents are satisfied with the day-to-day living arrangements; it’s imperative that you examine how this situation is affecting your retirement plan. Supporting adult children can certainly take a toll on your retirement planning by potentially throwing off your timeline or the amount of money you are able to save.
Your financial advisor can help you to see how the figures add up in your current situation. However, only you can strike a balance for your family between providing enough support to set your children on a productive course without undermining your own financial well-being.
As you work to strike that balance, consider the following:[+] Read More