“Why Parents Need to Be Willing to Cut Off Adult Children Financially,” by Maddy Dychtwald, Wall Street Journal
“Among those Americans who give their adult children post-college financial support, the average amount given is $6,800 annually, according to the study, a four-year, 50,000-respondent investigation into the changing lifescape of retirement conducted by my firm, Age Wave, in partnership with Merrill Lynch. And parents are gifting that money just as they are facing their own retirement head on. . . . Supplementing our young adult children might seem like a huge help to them now. But in the long run, perhaps the greatest financial gift we can give them is to be able to afford our own retirement and the possible need for care in retirements that can last 30 years or more. The last thing many of us want is to have to turn to our children for financial help in their 40s or 50s–when they will be focused on paying mortgages, saving for their children’s college fund and funding their own retirements.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
That $6,800 would buy a very good LTCI policy.
Why Parents Need to Be Willing to Cut Off Adult Children Financially