How "boomerang kids" can impact their parents' retirement
According to the 2012 census report, a record 36% of all millennial-aged adults lived with their parents. Due to the economic downturn, slow job market, and high college loan debt, adult children are staying at home longer or returning to live with their parents.
But while most parents are willing to support their kids, they do so at the risk of their own retirement. Joining us to discuss how boomerang kids are affecting the retirement of baby boomers, and why it'?s unwise for parents to spend their retirement savings to support their adult children, are financial consultant Chris J. Brown, a founder and principal at Hearts & Wallets LLC; Tim Gehner, director in the Wealth Advisory Services Division of Johnson Investment Counsel, Inc.; and, local financial advisor Chris DeSimio.