Here's How Much Supporting Your Adult Children Might Cost You in Retirement Income
As a parent, it's natural to want to give your children the best opportunities in life, and that holds true once your kids turn into adults. But if you're not careful, your generosity could come back to bite you when you're ready to retire.
It turns out the majority of parents out there support their adult children financially in some shape or form, according to a new NerdWallet study. The problem? Many can't afford to be doing so. All told, parents could miss out on a whopping $227,000 by paying their adult kids' living expenses for five years rather than socking that money away in an IRA or 401(k). And that's just for a single child. Supporting multiple adult children could easily bring that figure up even higher.
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Source: Fool.com
