Cutting off the kids might be a necessary step if you’re looking to retire. In fact, 70 percent of survey respondents said they would consider limiting fiscal support to post-college children in order to retire, according to a recent Wall Street Journal study.
For many Americans, middle age is also the prime income-earning age and ideally when savers should have the most disposable income available to bolster retirement accounts. Financially funding a loved one during those years can have a serious impact on your retirement savings.
Benjamin Brandt, a certified financial planner with Capital City Wealth Management in Bismarck, N.D., suggested folding a Plan B option into a retirement plan. If you suspect your child might boomerang home, for example, “being proactive rather than reactive will always lead to better retirement outcomes,” he said.
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