Welcome to a new week here on the Retirement Quick Tips podcast! 

I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: How To Stop Financially Supporting Your Adult Children

Have you heard of the boomerang kid? Perhaps you have a boomerang kid of your own. They are adult children who leave the nest, then boomerang back home and back onto the bankroll of mom and dad. 

According to the U.S. Census Bureau data from 2015, a third of young people–or 24 million of those aged 18 to 34–lived with their parents. That trend has worsened since the pandemic, leading many close-to-retirement age parents stuck with financially supporting their adult children, and falling behind on their own retirement savings as a result.

Many parents of boomerang kids would prefer to stop financially supporting their adult children, but for a variety of reasons, they feel stuck in their current circumstances. So this week, I’ll talk about how you can gracefully and lovingly push those boomerang kids back out of the nest, which will allow you to refocus on saving enough for your own retirement, so you won’t have to boomerang back to the boomerang kids when you’re 80 and outlived your assets. 

That’s it for today. Thanks for listening! Come on back tomorrow when I’ll talk about…

My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance