Illustration: Manuel Donado
We Reboot Partners have nothing against children – we have them ourselves! But we can’t help but agree with this recent article by Carol Hymowitz in Bloomburg Business uncovering the fact that many parents are risking their retirement savings by supporting their adult children more than is financially viable:
With real wages stagnant and unemployment among those age 16 to 24 running above 12 percent, large numbers of households continue to dole out cash to children no longer in school, covering rent, cell phones, cars, and vacations… “The more boomers put out for adult kids, the less they can put aside for themselves, which is scary as they live longer and need savings to last them into their 80s and 90s.”
Read the full article here.