Around 75% of parents are currently supporting adult children (18+), despite 53% of these children being able to support themselves. On average, parents are providing financial help to the tune of $7,000 every year. For retirees on a fixed income, helping your adult kids can quickly become a financial drain. You don’t want to turn your back on your child, but there needs to be a balance. That said, here’s how adult children’s financial problems can have a profound impact on their retired parents, and what you can do to protect your finances in the long run.
