Retirement Mistake? 1 in 5 Parents Sacrifice Their Savings To Help Their Adult Children
Steve Sexton of Sexton Advisory Group is featured by Yahoo! Finance, where he discusses current issues surrounding retirement.
“The saying, ‘A parent’s job is never done,’ rings especially true when adult children are in need of financial help,” said Steve Sexton, CEO of Sexton Advisory Group. “The most effective way to figure out whether you’re in a position to help your adult children financially without jeopardizing your retirement is to analyze the type of lifestyle you’d like to have in retirement, then figure out if supporting this lifestyle in retirement is financially attainable.
“Your analysis should not only look at inflation-adjusted income against expenses, but also take into consideration the impact and cost of healthcare as you age,” he continued. “With this information, you can then determine how much extra is left over to provide financial assistance to your adult children. It helps to consult with a financial planner to confirm that your retirement projections are correct and that you haven’t missed any major expected expenses in your retirement analysis.”
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