They say “sharing is caring”, but is it true when it comes to your retirement savings? 

Fresh retirees often feel like they need to support their adult children financially, but such generosity (especially if unplanned) can jeopardize their savings. Leading to a cycle of financial headaches not only for them but the whole family.

So how can you help your children without compromising your own financial security and comfort in retirement?

In this episode, we give you some guidance to assess how much you can comfortably dedicate to supporting your kids. Plus some tips to help you save money while doing so.

Listen now!

Show Highlights Include

• The “Legacy Equation” to assess how much money you need to support your adult children (without jeopardizing your savings) (2:57) 
• How to recognize when you’re “over supporting” your kids (and find more meaningful ways to help them out instead) (6:12)
• The “Fresh Retiree Trap” that 80% of people moving into retirement fall into just to find themselves broke a few years later (and how to avoid it) (6:59)
• How the ‘Annual Exclusion Gift Trust’ allows you to gift up to $16 000 to your kids (8:48)
• How the 529 Plan helps you to save a boatload of money for retirees who help to fund their grandchildren’s college education (11:57)

Thinking about what your typical week in retirement will look like? Download our Ideal Week in Retirement planner.