Don’t let boomerang kids derail your retirement
You can help your adult children living at home, but don’t risk your financial future.
If helping your boomerang kids financially is jeopardizing your retirement security, here’s what to do: Set the rules at the start. Have a direct, blunt conversation with them, laying out exactly what you will do and how long you will do it, and what you expect from them.
This is an important step. By establishing up front the type of support that will be provided as well as addressing the elephant in the room – when should a child move out – you’ll (hopefully) avoid conflicts down the line.
For example, you might say that you’re willing to have them live with you for six months, or that you’ll pay their phone bill for three months. And while they’re under your roof, they must agree to pay for groceries and do certain household chores. Putting all this in writing might prove helpful to everyone.
Having this conversation might be uncomfortable, but failing to talk openly could result in resentment – by everyone.