The great recession gave many young adults a rocky start at entering the workforce and becoming self-supporting. But even with the economy improving, many millennials are still turning to Mom and Dad for financial support. On this edition of Money Wise, Steve Moore and Rob West discuss the financial consequences of helping too much and share many of the startling statistics. They talk about the negative impact supporting adult children can have on the parents’ retirement savings and what you can do to avoid this from happening in your family.
Then, they take your questions at 800-525-7000 or Questions@MoneyWise.org about the following:
- If you built your home about 15 years ago and now it needs some major maintenance and renovation that could cost as much as $75,000, what are the best options to pay for this?
- If you're a 65-year-old with an IRA that has been told that if you withdraw money before turning 70, you'll pay a 10% penalty, is this true?
- If you have a lot of debt that's gone to collections and have talked to debt consolidator but the amount to pay is more than you can afford, what are the options?
- Is it okay to borrow for the down payment on a home?
At the end of the program, Steve mentioned the book, Your Money Counts, by Howard Dayton. You can find it on this website (MoneyWise.org). You can also connect with a MoneyWise Coach or access our other books and many free helpful resources. If you’re active on social media, you can find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.