You are in your 50s or 60s and looking forward to enjoying
retirement life in a few years. You have enough savings in your
RRSP and are ready for never-ending vacations on the beautiful
beaches in Florida. This morning, you receive a phone call from
your son asking for financial help to close on his first house.
Despite knowing this will shatter your retirement dreams, you agree
to help anyway.
If this sounds familiar to you, you are not alone. According to
an Ameriprise Financial survey, 30 per cent of baby boomers admit
that money spent on adult children has negatively affected their
retirement savings. This financial dilemma can be avoided by
teaching your children financial literacy and helping them become
financially independent at an earlier stage. Here are some
tips.
