January 21, 2014: Cheryl Sherrard, CFP® and Director of Financial Planning for Clearview Wealth Management quoted in MSN’s Money section in an article titled, “A ‘sandwich generation’ twist: retirees helping adult kids.”
An excerpt from the article is below, and you can read the full article at MSN.com by clicking here.
If one’s nest egg is being tapped at high levels in the early years of retirement in order to help launch adult kids, that could have an outsized effect on a retiree’s financial future.
“I believe parents need to understand the difference between assisting and enabling their children, as well as the potential damage they are doing to their own futures by using too many of their own assets on supporting adult children,” says Cheryl Sherrard, a financial planner with Clearview Wealth Management in Charlotte, North Carolina.
After all, if parents eventually run out of savings as a result of their generosity, the financial responsibilities for their care will likely fall right back on the kids. Says Sherrard: “I tell my clients the greatest gift they can give their children is not to be dependent on them in their own old age.”