Tuesday, May 2, 2017

A bit misleading

Since this article counts buying grandchildren toys and clothing as a loss. I mean they'll have to pry my debit card from my cold dead hand before I stop doing that. Plus, everyone advises us Boomers to work longer. Sigh. From MSN Money.

Boomers are losing $11,000 a year to their millennial children
Lynch said the TD Ameritrade research shows the majority of grandparents don't view the financial support they give their children and grandchildren as a burden. While more than half find the combination of saving for retirement and supporting adult children to be stressful, they still put family first, he said. 
If boomers value helping their kids, though, they need to have a plan so their finances don't take a hit.
"It's all about setting limits and having an open dialogue with your adult child," Lynch said. "Work together to set clear limits and expectations for both financial support and childcare." 
Both generations should also set financial goals, he said. For example, millennials could seek to become financially independent of their parents within a certain timeframe. Boomers could set a retirement savings goal by using an online calculator to figure out how much they need to save to retire comfortably. Then they'll have a better idea of how much financial support they can give their adult children. 
For boomers who are behind on saving because they've been supporting their kids, there are several options. To start, they should consider working longer, Lynch said. 
"Staying in the job market even a few extra years can make a big difference in terms of additional savings and investing," he said. "It will also reduce the time that investors' nest eggs need to stretch in retirement."

No comments: