Why this is a problem
According to a 2017 study, more than a quarter of millennials claimed they could not support their current lifestyle if it wasn’t for their parents’ help, money or time-wise.
Unfortunately, for boomer parents, all this help could impact their retirement savings or ability to retire when planned. If you are “donating” time or labor to your children, think of the trade-offs you’re willing to make in order to live your retirement the way you want to while still providing support, recommends David Lynch, managing director and head of branches for TD Ameritrade. “Keep in mind there could also be financial implications of providing childcare if it means a grandparent is leaving or scaling back on their paid work,” warned Lynch.
