2. Still taking care of your children
Being a nurturing parent is a gift, and you should never let it go, but spoiling your adult children is something a lot different. You might say that there are not so many people who still financially help their adult children, but the statistics say otherwise.
A Savings.com research states that about half of American parents contribute an average of $1,442 each month to cover everything from groceries to mortgages for their adult children. This is more community than you expected, right?
Now, let’s compare this sum of money people give on average to their children with the average Social Security check retirees receive of $1,700. What can you notice? The risk is obvious, and you should not let this happen to you.
One of the worst habits to carry into retirement is, for sure, giving more money than you can afford to your children. Retirees may have to reduce their budget for their basic needs or preferred hobbies if they are obliged to continuously bail out or assist their adult children financially. This can destroy the retirement savings you have worked to collect for years in a row.
If this behavior is present when you are raising your children, it can prevent them from developing any financial responsibility or independence. Your relationship can also be affected because tension will be present. Dependency is another drawback that can negatively impact the lives of your offspring.
So, try to avoid this one of the worst habits to carry into retirement and talk to your children. Tell them about your financial expectations and state your boundaries clearly. Remember, it is perfectly okay to say no.
You can help them in many other ways that do not include financial support. Life advice and emotional support are only two of them.
Thanks for a very informative report. I am so glad to have moved to Brazil a few years after my retirement. A country where health care is a human right as manifested in their constitution. All procedures, including, transplants are free. I never paid a penny and quite a few prescriptions are free, as well.
I wish you would address this health issue in America; the richest country in the world.
These articles are virtually impossible to read because of the skillful and manipulative way that the clip through to read on is disguised or hidden for advertising purposes. This come on to attract attention and not deliver the goods is fraudulent and deceptive. It should be avoided in the future. as an artless and wasteful use of time and generates bad will.
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This & you suck, bull shit site!! Now SPAM!!
pertinent info…to bad you have to scroll thru all the ads and come-ons
Nothing is free ! Someone else paid for your healthcare. When those someone elses money runs out your “free” healthcare disappears.