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Retirement Planning > Retirement Investing

Parents to Boomerang Kids: Your Allowance or My Retirement? (Fox Business)

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Forty-two percent of U.S. adults aged 18-39 who were not students said they had received financial help from their parents during the current economic downturn. In many cases, recent college graduates who can’t find work end up moving back home, which can be particularly burdensome on boomers approaching retirement.  So, what’s a supportive parent to do? Katherine Dean, managing director of regional wealth planning at Wells Fargo suggests parents lay out specific ground rules before their child moves home, ensure the child is contributing to the household either financially or through housework, and, most importantly, never compromise their own retirement savings to support an adult child.