How Your Kids Can Ruin Your Retirement
According to a report from the Federal Reserve, education debt held by U.S. households went up more than six times from 2001 to 2016. And many parents are either going into debt or not putting money into their retirement savings in order to help their children pay for college.
Nearly 70% of parents surveyed by T. Rowe Price said they would be willing to delay retirement to pay for college. And the number of parents who are financially supporting their adult children continues to rise. According to an estimate from Merrill Lynch and Age Wave, that support has climbed to $500 billion annually.
But is sacrificing your retirement savings to pay off your children's college debt and continue to support them financially the right decision?
Joining Cincinnati Edition to discuss how your kids can ruin your retirement, and how to make sure they don't, are Laura Humphrey, wealth advisor and principal withBartlett WealthManagement; and Wells Fargo Financial Advisor Chris DeSimio.
Listeners are reminded the information provided on the show is general in nature and may not apply to your personal investment situation.
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