Reply to Do you have an age cut off on supporting adult kids?

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[quote=Anonymous][quote=Anonymous]I have two in college, and it's obviously the most they have ever cost us. Tuition/ dorm we pay for with 529, but there is car insurance, healthcare, huge amounts of food they consume when at home which is a large part of the year given college schedule. They do work but so far are only using their money for their own "fun spending" and saving. At what point do you stop supporting kids financially? Did you stop cold turkey after college? Or did you phase things out so they progressively became independent? I read that 64% of parents support their Gen Z kid but that is not such a helpful stat given the age range of gen Z including college kids.[/quote]

Depends on the kid and your financial situation. We don't want out kids to make sub-optimal life decisions due to financial constraints.

We have two. Kid 1 is out of college, working at a great job, pays his own everything - rent, car insurance, cell phone, etc.. We paid to get him moved, furnish his apartment, etc. When he was in college he worked summers and held two jobs during the school year. He made good money, enough to cover rent, living expenses and max out Roth IRAs every year. Our promise was full college costs. The money we didn't spend on his rent and expenses, we invested in his name and turned over the account to him when he graduated..Fully weaned at 22.

Kid 2 is in college. Not as enterprising as the first. He does work summer and saves money for a portion of his college living expenses but we do cover what we promised - tuition, rent and remaining living expenses. Any money we don't spend for him (he goes in-state so there's a huge gap in cost between what we spent for Kid 1 and will, for 2), we will hold in a separate account earmarked for his future and use that to subsidize him until he finds his footing.  [/quote]

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