Reply to How many parents still financially support their middle age adult children?

Forum Index » Adult Children

Reply to "How many parents still financially support their middle age adult children?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would never do this. It starts by talking to them when they're young. 
Figure it out yourself because Dad and I are traveling the world with the money we have now that we're not supporting children at home. And don't have any kids yourself if you can't afford it. [/quote]

This is what my parents did.  I guess they are wealthy - they have two homes, travel a lot and ski 50+ days a year.  It never occurred to me to begrudge them for enjoying their retirement, nor did I ever feel entitled to gifts from them.  I'm just glad we don't have to send them any money like we do my in-laws.  The outflow to parents stinks.  I have no intention of supporting my children after they are 22/done with college; however, if we were filthy rich, I could see sending them $17k per year because it makes sense from an estate planning perspective.  However, it is not something I spend any time thinking about or aspiring to do. [/quote]

You have to send your in laws money? [/quote]

I'm not the OP, but am approaching this moment. The inverse is that we didn't have to do this with my parents who had a fraction of the wealth of my ILs. My parents lived modestly and spent their last few years living in nursing homes on Medicaid. They didn't want to be a burden to their children. The minimal amount of money we spent on them is a fraction of what we may end up spending on my ILs, who had millions. Their trips and FL winter rentals over 30 years were not ostentatious, but they appear to have spent too much. My ILs clearly miscalculated on how much would be needed once one or both of them may need to enter a continuing care retirement community. They are still living in their own home, but one of them is in cognitive decline with occasional bodily mishaps. While they are fortunate to be living on one-level, IDK how much longer that will be sustainable in their home. I'm not sure DH fully grasps the costs of these communities.

I know it is not flattering that I am not enthusiastic about the prospect of spending our savings here. Our kids' full college expenses are covered, so that is not at risk. What kind of retirement we have and what we are able to give to charities and leave our children would be affected by any outlays. My MiL used to brag on "taking" her money with her. Well, now it looks like that and then some.[/quote]

PP here.  Similar.  My FIL golfs all winter long, but DH insists on paying his mortgage AND paying for his long vacation to a sunny place every year, and our kids' college funds are not done.  We are fine in that we make a lot of money and we are on track to have our kids' college fully funded, but we're not there yet.  We also have a mortgage and DH has a car payment.  The situation is very frustrating to me, but I try to focus on what I can control.    My own parents, who are enjoying their retirement, have also set a side a lot of money for their end of life care and have gone over it with all us kids, so the contrast between families is stark.  [/quote]

Did the FiL help your DH when he was coming up? I might not begrudge if FiL was golfing at public courses and living in a modest apartment inland in Florida. But I would find it harder if that were not the case. Perhaps this mortgage property will end up being an investment to sell after your FiL passes. I'm the PP and I don't see how I can really object if we end up in this scenario as I know DH would have done it in heart beat for my parents. I worked hard to ensure that really never came to pass as a large monthly nut would have really taken its toll over time. But he always said, "don't worry - we can take care of this," which was such a relief to hear. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics