Boomers want to help despite financial difficulties
According to research by TD Ameritrade, most grandparents don’t think that their children and grandchildren are burdening them financially. To them, family is the main priority, even though more than half admitted it is stressful and challenging to save for retirement and provide financial help to their adult children at the same time.
However, if boomers put their children first, they should have some sort of plan to protect their own finances. Lynch recommended setting retirement savings goals by using an online calculator to estimate how much they would need for a comfortable retirement. This way, they will also have a better idea of how much financial help they will be able to provide to their adult children.
“It’s all about setting limits and having an open dialogue with your adult child,” Lynch said. “Work together to set clear limits and expectations for both financial support and childcare.”
