It’s Time to Tell Our Adult Children to Grow Up (and Move Out)!

It’s time to tell your adult children to grow up! “One of the biggest financial roadblocks on the way to retirement may be your adult children, according to a new report. In fact, half of American parents with adult children say supporting their grown kids has been detrimental to their retirement savings, and more than 1 in 6 (17%) says it has had a significant impact.” (source:

Here are the scary facts. “Sixty percent of those with adult children and a household income of $80k+ said they’ve jeopardized their retirement savings for their adult children’s bills. More than 1 in 6 (17%) making less than $50k per year with at least one child 18 or older aren’t saving anything at all.”

Most of our parents doted on us. Gave us anything they could. And we want to do the same for our kids. That’s understandable. Even admirable. But the simple fact is that most of us haven’t saved nearly enough for retirement. And Social Security doesn’t provide enough income to live comfortably if you don’t have sufficient private pension or retirement savings. If you’re still working the time to boost your retirement savings is NOW!

Is that selfish? Perhaps. But I believe it’s also good for our adult children. Our job is to teach them how to live on their own. We won’t be around forever. Eventually they will have to stand on their own two feet.

My wife and I were reminiscing about some of the financial struggles we faced in the early years of our marriage. We were young — 22 and 20. Sometimes it was hard and required sacrifices. Could our parents have made life easier for us by paying some of the bills? Maybe. But we wouldn’t have developed the emotional muscles necessary for other financial battles later in life.

So if you’re still ‘helping out’ your adult children you might want to think twice. You might be compromising your retirement AND crippling your kids at the same time!


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