SO IMPORTANT. i'm looking at far too many peers in their 60's and beyond whose well meaning, well intended generosity with family is not only going to negatively financially impact them but likely THEIR children and grandchildren. their wonderful intentions of helping their children out by ensuring they graduated college absent student loans, helping out with down payments on first homes, in some cases funding in large part the grandkid's extracurriculars/private schooling all had an impact on their financial situation looking at/into retirement. folks are finding that what they estimated their later in life costs to be are not in line with inflation, finding that the nest egg they saw their home to be anticipating to downsize are finding downsizing is'nt nesc. an option. they don't resent what they spent but they are resentful of (and in some cases keeping highly hidden) how close they are to needing to ask others for financial help. I've seen it-adults whose kids have left home and they feel like they are at that sweet spot where they can really be putting away money into retirement (prime earning years for many to stock away into retirement) when they are blindsided to learn mom and dad's mortgage is in default (never knew how many times they did a re-fi) or mom or dad needs to go into elder care (and there's barely enough to keep the one remaining in the home afloat). these adult children of my peers are now going to have THEIR retirement impacted which, in my mind-means those grandkids will ultimately pay the price.
look out for yourself first-if not for yourself but those who will feel obligated to provide and care for you.
