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It's time to stop giving money to your grown kids

Published June 8, 2017

Parents need to be willing to cut financial ties

Adult children accustomed to having Mom and Dad give them $200 here, $500 there may be in for a rude awakening.  Cutting the children off is high on the list of actions parents are willing to consider to shore up their own retirement nest eggs.

In our most recent study, Finances in Retirement: New Challenges, New Solutions, we asked Americans which trade-offs and course corrections they’d be willing to make for a range of life priorities. When it comes to family, the top two actions people said they would be willing to consider are to “educate family on ways to be more financially independent” and to “cut back on financial support to children.” 

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