Articles

Retirement and 401(k)

Don't Let Boomerang Kids Endanger Your Retirement

Rodney Brooks
|
March 24, 2019

Parents will do pretty much anything for their children. But parents need to be careful when boomerang kids return home after college to live, especially if they are near retirement.

"If the parent rides to the rescue, there is a real possibility that they will impair their retirement," says Chris Chaney, vice president and financial consultant at Fort Pitt Capital Group in Pittsburgh. "You shouldn't anticipate a typical retirement. It will be a different kind of life."

Here's what parents can do to keep boomerang children from draining financial resources and endangering their retirement:

  • Do a cost analysis.
  • Set deadlines.
  • Help with the transition to adulthood.
  • Make them pay rent.
  • Let your financial planner be the bad guy.

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Be sure to check out "Fixing the Racial Wealth Gap" by Rodney Brooks

"Rodney A. Brooks's “Fixing the Racial Wealth Gap” is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist. Fixing the Wealth Gap is revealing, humorous, instructive and sobering." - Dr. George C. Fraser