Coughing up cash to pay for summer camp and more? Expect to keep footing the bill for your child well after he turns 18. Half of parents with adult kids say they've compromised their retirement savings for them, Bankrate.com found.
div > div.group > p:first-child"> The average cost of raising a child to age 18 is estimated to be $233,610, according to the U.S. Department of Agriculture.Half of parents participating in a recent Bankrate.com survey said that they've sacrificed their own retirement savings in order to help their grown children with their finances.
Even parents with higher incomes curtailed their retirement savings. Six out of 10 parents said they've jeopardized their retirement savings in order to help their kids pay the bills. "There are people who will put their retirement on the backburner just to have their kids living at home, even if they aren't paying rent," said Doug Oosterhart, a certified financial planner and founder of LifePoint Planning in East Lansing, Michigan.Instead of abruptly cutting your kids off, Oosterhart recommends gradually turning off support and redirecting that cash toward your retirement savings.• Set limits: Reach a compromise with your child to keep him or her accountable.
"An interesting idea we came up with involves having the kids use loans for college and then her potentially helping with the monthly payment as the kids demonstrate their work ethic and get jobs," Oosterhart said.
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