9 Retirement Decisions That Can Ruin You Financially

6) Avoiding the “Money Talk” with your Adult Children

If you help out your adult children financially, you’re not alone. According to a 2015 Pew Research study, 61 percent of parents with adult children helped out their kids financially in the previous 12 months.

When you’re working, providing your kids with some money, every once in a while, probably doesn’t seem like too big a deal. However, once you hit retirement and move onto a fixed income, regularly providing your kids with money could become a much bigger burden. Before you retire, it’s a good idea to talk to your kids about money. Let them know that you’ll always be there for them, but you can’t keep supporting them financially as you enter retirement. This conversation is tough to have, but it’s necessary for both you and your children.