Are parents helping their adult children financially, more than our parents did for us? A report by Modern Money suggests for many parents it means delaying their retirement.
One third of parents report they help pay everything from college expenses to first car and even first home.
"And 3 out of 4 said they felt like they were as well off or maybe even a little better than their parents had been but over half are worried that it won't be the case for the next generation," said Marcy Keckler, Vice President of Financial Strategy at Ameriprise who said the findings also show that they feel they do more for their kids then their parents did for them.
Keckler says these days it is harder for young people to get started yet she says it's a fine line because parents should not risk their retirement savings on helping their children as adults.
Remember your kids can maybe buy a house a little later or buy a smaller house," she said. "They've got some choices they can make, they could have fewer people at their wedding, but you're not going to have as many choices once you've already retired and if you find yourself in a shortfall situation, you may end up leaning on those kids in a way that you don't want to."
So it's important to manage your finances and set a budget so you are able to retire when you are ready.
