retiredbrains.com
  • Home
  • Jobs & Work
    • Employers >
      • Account Login
      • Create Account
    • Job Seekers >
      • Account Login
      • Create Account
    • Work at Home >
      • Become a Chef Consultant
      • Become a Tutor
      • Become a Virtual Agent
      • Care Giving
      • Direct Selling
      • Freelancing
      • Medical Transcription
      • Selling at a Flea Market
      • Selling Online
      • Telemarketing
      • Translate Online
      • Write or Edit
      • Workers with Disabilities
      • Tech Jobs
    • Employment Assistance
    • Volunteering
  • Home & Family
    • Senior Living Resources
    • Grief Loss Support
    • Get a Dog or a Cat
    • Books on Retirement
    • Dating and Companionship
  • Travel & Entertainment
    • Boomer and Senior Travel
  • Money
    • Insurance Services
    • Social Security
    • Retirement Resources
    • Identity Theft & Scams
  • Health
    • Medicare
    • Health Care
  • Discounts
    • Products & Services
  • Blog

Helping Your Kids in Retirement: How Much is Appropriate?

2/12/2023

0 Comments

 
Retired persons in 2023 probably usually to two generations. They might come from the Silent Generation or the Baby Boomer Generation. These individuals usually have ages in the 60s, 70s, 80s, and 90s.

Many individuals this age have worked for most of their lives, and now they are enjoying retirement. Some have money put away, and they’re doing fine financially. Others might not have as much. They are on a fixed income, but they’re doing okay.

If you have kids, though, you might wonder whether you should still support them financially. We’ll talk about that a little bit right now.
Picture

​Should You Offer Advice or Money?

As someone from an older generation, you can offer your grownup children your wisdom. You might also offer them money. But which has more value?

You can give your grownup children suggestions whenever they ask for them, on virtually any topic. You might tell them that paid immigration consultants offer superior services over free ones or that they should never let their car’s gas tank drop below a quarter full. Your kids might want your money much more than they want your advice, though.   

You probably have kids in the Generation X or Millennial age groups. They might be in their 50s, 40s, or 30s right now. They probably have their own kids, vehicles, homes, and all the struggles and challenges you did at that age.

Money helps with many such challenges. An extra cash infusion lets them get their teenage child a used car, so they can drive themselves around. They might use the money you give them for some much-needed home repairs. Do you owe your child any financial obligation, though?

​Retired Individuals Approach This Situation Differently

Various retired persons regard their obligations concerning their children differently. You might feel like after your child turns eighteen, you shouldn’t give them any more money. Maybe you never had parental help following your eighteenth birthday or even before that.

You may feel that your kids should stand on their own two feet, make their own money, and support their own families. You may think this builds character.

On the other hand, you might feel that if you have extra money in retirement, you should throw your kids a few bucks now and then. You probably have grandchildren now as well, and maybe you like spoiling them.

Which Approach Will You Choose?

​People have different opinions, and what one retired person thinks might not fit another retired person’s mindset at all. Many older individuals act depending on how much money they have.

If you have plenty of money, and you’re not left wanting in retirement, you might help your adult children for that reason. It may bring you joy helping them, especially if you see them struggling. Some grown adults work one job, while others work two or even three. They might still struggle with bills, especially if their jobs do not pay them much.

Your grownup children might also live in expensive cities like Los Angeles, New York, or Chicago. There, even working fifty or sixty-hour weeks sometimes isn’t enough. If your adult children have their own kids and other financial obligations, building up any savings rarely becomes possible.

​It’s Each Retired Person’s Individual Choice

​No one can tell you how to use your money. If you've got a spouse or partner, you can talk it over with them and make a mutually-acceptable decision. If you have some extra cash, though, you might consider using it for travel or for your own hobbies. You may feel it’s your money and you earned it. You can use it however you like.

If you see your adult kids struggling, though, guilt may drive your actions. You may feel you must help them at least a little bit financially sometimes, as they have inflation and stagnant wages holding them back.

You might have a situation where you and your adult kids can help each other. They might have a spare room where you can live, and you have money you can contribute to keep the household running.

If you’re getting older and don’t like retirement communities or assisted living, this situation might appeal. You can use your money and help the younger generations. They, in turn, can help you as you age.

Think about how to use your money in retirement. If you have more than enough, and you have needy kids, your kindness might help them immeasurably.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    April 2017
    March 2017

    Categories

    All
    Activities
    Brain Health
    Dating And Companionship
    Drug Abuse
    Education
    Employment
    Entertainment
    Financial Planning
    Healthcare
    Healthy Living
    Money
    Retirement Resources
    Reverse Mortgage
    Senior Living Resources
    Travel

    RSS Feed

Employment Resources

  • Employment Assistance Info
  • Job Seeker Information
  • Find Temporary Jobs
  • Resume Writing Help
  • Part-Time and Temp Jobs List
  • Seasonal Jobs
  • Search Jobs
  • Where are the Jobs
  • Jobs for the Over 50 Crowd
  • Research URL's

Creating Income

  • Work at Home
  • Start Your Own Business
  • Increase Retirement Income
  • Funding Your Retirement
  • Retirement Planning
  • Reverse Mortgage
  • Apply for Social Security
  • Working & Social Security Benefits
  • Auto Insurance Savings
  • Home Insurance Savings

Most Read Pages

  • Identity Theft & Scams
  • Volunteering
  • Boomer and Senior Discounts
  • Products
  • Services
  • Continuing Education
  • Healthcare
  • Retirement Locations
  • Boomer and Senior Travel
  • List of Franchises

Resources/Info

  • ​Blog
  • About Us
  • Contact Us
  • Sign-up for Newsletter
  • Newsletter
  • News
  • Media
  • Advertising Info
  • Free Ebooks

Copyright 2022 by Retired Brains
Privacy Statement     |     Terms Of Use

Disclaimer: We do our best to ensure the information on RetiredBrains.com is accurate and updated at all times; however, we are unable to guarantee the accuracy of all information. We make every attempt to keep the content up to date and factual. For the most current and complete product/service details please verify with the merchant, product, issuer, or service directly via their website or during the buying or application process. Please be aware that RetiredBrains may have a financial relationship with some of the sites included on our Website. RetiredBrains.com may receive compensation if users choose to click on the links located on certain pages of this website and sales and/or leads are generated. If legal advice or other expert assistance is required, the services of competent professional persons should be sought.
  • Home
  • Jobs & Work
    • Employers >
      • Account Login
      • Create Account
    • Job Seekers >
      • Account Login
      • Create Account
    • Work at Home >
      • Become a Chef Consultant
      • Become a Tutor
      • Become a Virtual Agent
      • Care Giving
      • Direct Selling
      • Freelancing
      • Medical Transcription
      • Selling at a Flea Market
      • Selling Online
      • Telemarketing
      • Translate Online
      • Write or Edit
      • Workers with Disabilities
      • Tech Jobs
    • Employment Assistance
    • Volunteering
  • Home & Family
    • Senior Living Resources
    • Grief Loss Support
    • Get a Dog or a Cat
    • Books on Retirement
    • Dating and Companionship
  • Travel & Entertainment
    • Boomer and Senior Travel
  • Money
    • Insurance Services
    • Social Security
    • Retirement Resources
    • Identity Theft & Scams
  • Health
    • Medicare
    • Health Care
  • Discounts
    • Products & Services
  • Blog