In Episode 4 of Fireside Financial, Joseph and Regan discuss the increasing trend of parents supporting their millennial children financially. They explore different forms of assistance parents are offering, including down payments on homes, groceries, rent, and mortgages. The hosts stress the importance of a solid financial plan to ensure the support does not compromise the parents' retirement or financial well-being. They also advocate for open communication with children about the financial assistance being given and how it may affect the family's estate in the future.
What You’ll Learn in Today’s Episode: Parents Supporting Millennials: The podcast discusses the prevalent trend of parents financially supporting their millennial children, particularly in the context of rising housing costs and inflation.
Types of Assistance: The hosts mention various forms of support, including contributing to groceries, rent, mortgage payments, and even full down payments on homes.
Financial Planning: It is emphasized that parents should have a solid financial plan before assisting their children. This ensures that their own retirement and financial stability are not compromised.
Informed Decision-Making: Parents are encouraged to make informed decisions about the amount of support they offer, considering their financial situation and long-term goals.
Open Communication: The importance of open communication with children about the financial assistance being given and its potential impact on the family's estate is highlighted.
Ideas Worth Sharing: ➡️ "It's normal... you're not alone in that situation." ➡️ "Financial support for your children: plan wisely, secure your own future." ➡️ "Don't hesitate to help your kids, just make sure you're doing your own planning." ➡️ "One of the greatest gifts you can give your kids is financial awareness." ➡️ "Helping out now and seeing your kids benefit is a living legacy."
How Does Financial Assistance to Adult Children Affect Your Retirement Income?
Are you worried about how financially supporting your adult children might impact your retirement income? You're not alone. Our guest today, Joe Curry, has a wealth of experience with this topic, being a parent who's currently navigating the waters of this complex issue. His co-guest, Regan Schiller, has extensively studied the economic challenges faced by millennials and the increasing trend of parents providing some form of financial support to their adult children. Both Joe and Regan have their unique, relatable stories that mirror what many parents are going through. They're here to delve into the nitty-gritty, detail by detail, of how they managed to strike a balance between offering financial help to their children and maintaining their retirement plans.
Comment below with any questions or topics you’d like us to cover! And don’t forget to like and subscribe for the latest updates. Thanks for watching Your Canadian Retirement Specialist!
Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.
