Adult children are costing many parents their retirement savings

Adult children are costing many parents their retirement savings

Half of American parents are unable to save as much as they’d like to for retirement, and their grown offspring are to blame, according to a new study by Bankrate.com. 17 per cent of the couples surveyed by said that they sacrificed their own retirement savings by ’a lot’ to help their adult children. Another 34 per cent said they’d ’somewhat’ sacrificed their savings plans.

Timothy
Timothy
Ben B.
Ben B. 1 year

Maybe it's because young people are strapped with massive debt, stuck in low paying jobs with no hope of upwards mobility, in combination with the ever increasing cost of living. Boohoo that the generation that got easy, good paying jobs with a low cost of living is losing their retirement... These kids will probably never even come close to saving enough to retire. Young people in the US got shafted repeatedly for years.

Got Truth
Got Truth 1 year

Maybe getting their masters is lesbian interpretive dance student loan of $200k wasn’t a good idea after all. Most student loans aren’t for anything that leads to a real job. This didn’t happen when banks used to inquire what your planned education was for before loaning.

James Villalobos
James Villalobos 1 year

Not surprising. Millennials are largely failing, and the sad thing is that most of them probably won't support their parents when the parents are infirm. Just kick them out! your kindness is killing them!

Kagger Redyard (Kagger911)
Kagger Redyard (Kagger911) 1 year

Adult Children.... >adult >children pick one

Joey
Joey 1 year

marketwatch source is a shitty clickbait headline. There are a lot of factors contributing to young people needing help from their parents. Jobs that would originally be filled with people from 15-21 are filled with illegal immigrants, cost of living has skyrocketed, and a lot of them are raped with debt for completely useless educations that older generations invented. However, there is also a huge influx of people in younger generations who don't know how to do anything other than post to Instagram. They want to be "influencers" or youtubers and feel entitled to free shit. Despite this, most people I've met are busting their asses but get fucked over with something out of their control (for example, a bill from a medical emergency that empties their accounts because the system is so broken and abused)

Based Haole
Based Haole 1 year

Baby boomers are trash they raped the world for a little extra money they throw their parents into nursing homes and then blame us for wanting a fair shake like they got

Lincoln Williams
Lincoln Williams 1 year

parents should be kicking them it but aren't.

Persuasive Potato
Persuasive Potato 1 year

At this point collage/University is so expensive and useless nowadays it's better to learn a trade or join the military.

Aaron W
Aaron W 1 year

I don't know anyone that has received financial help from a parent past 20. Not even sure how this could effect retirement, are there couples giving large chunks of money to their adult kids, or a regular $1000+ a month for years? It just sounds like an excuse.

Ekitchi Hoshi
Ekitchi Hoshi 1 year

I see a lot of comments about the increase in the cost of living. Do you have any data I could look at about this? To me. it seems wrong. The comfort we enjoy now is leaps and bounds above what our parents and grandparents enjoyed. On top of that comfort we have computers, large screens TVs and cell phones, all affordable with a low wage job provided you don't chose the most expensive version of these.

CharlieMike
CharlieMike 1 year

The problem is that their "adult" children are taking help. The phrase "Necessity is the mother of invention." is 100% true. When I was a kid I learned through trial and error. A lot of parents today don't let their kids fail or struggle to figure stuff out. Of course they still look to mom and dad for help with their bills, they have never been responsible for anything. When you leave your parents home it is time to run your own life. Cut the cord, build your own safety net, don't borrow so much damn money. You probably don't need the newest $700 iPhone, $140 Comme Dea Garcons, or the $50,000 "college experience". Maybe a solid $95 android, $60 All Stars, and a $15,000 welding program will be perfectly serviceable while letting you enjoy your life simply. We are a consumer society and it shows in how much we willingly put on our name.

Andrew 1010
Andrew 1010 1 year

Well to be fair you awarded them with trophy culture and not properly preparing them for society saying that they should or need to go to college to live a good life which isn't true and then they get a job that doesn't even require their degree and are in a pile of debt... For the most part. Prepare your kids for the tough realizations! Do it little by little.

Booble Plus
Booble Plus 1 year

Good, these boomers caused the economic issues the current generations' are going to have to face.

david dindu
david dindu 1 year

on the flip side the kids will take care of the parents when they get old. its what asians do

Robert
Robert 1 year

Why do I feel like the same people who are complaining about the rising cost of living will be defending illegal immigrants in the next story down?

Robert
Robert 1 year

Meanwhile here I am supporting my parents. They want to trade?

Mod Okay
Mod Okay 1 year

Young people are getting screwed now a days. Manufacturing jobs are being automated, cost of living has skyrocketed while wages have been stagnant, the student loan debt crisis, climate change, list goes on and on. It would be wonderful to not accrue massive debt while going to college, find an available job that pays a Living WAGE or not go bankrupt when you get sick but this is the present times where greed is good.

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