Warning Signs That You May Be Prioritizing Kids' Financial Needs Over Your Own
3 Signs You're Sacrificing Your Financial Security for the Sake of Your Kids
When you've worked hard all of your life, you deserve to reach a point where you feel secure with your personal finances. But providing too much financial support to grown children could make it so you're unable to get to that place. Data from Savings.com reveals that 58% of parents agree they've sacrificed their own financial security for the sake of their adult children. And here are three signs that you're at risk of doing the same.
You're giving your adult children money instead of saving for retirement
You're pulling money out of your retirement savings to give to your grown kids
Withdrawing from retirement accounts early could result in missed investment growth, potentially risking a shortfall in your nest egg.
You're compromising your earnings potential to help your grown kids
Compromising your job or financial stability to provide support may jeopardize your earning capacity in the long run. Consider alternatives like hiring child care to maintain your income.
If you're giving your grown kids money instead of making retirement plan contributions, that may be a problem. Conversation with your kids may reveal they'd encourage you to put your own needs first.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.