Survey says? Older Americans struggling to pay bills
- Nearly 40% of people 45 and older have helped a child with expenses, including one-third of retirees.
- 8% have helped a parent keep up with bills.
- 1/3rd have stopped funding their 401(k) and 14% have cut back on medication.
- 60% have cut back on entertainment expenses like eating out.
- More than 25% are having difficulty making mortgage or rent payments.
I know that people want to help their children. But underfunding your retirement to help out a younger person who has a lifetime of work ahead of them isn't noble: it's silly.
Just like they tell you on the airplane: Secure your own oxygen mask before you attempt to assist your child: you'll be more helpful to them that way.