A Reddit user recently discovered his Boomer parents are financially struggling, raising concerns among adult children about how to support them without jeopardizing their own finances. The average 401(K) balance for Baby Boomers is insufficient for retirement, often requiring lifestyle sacrifices. It's essential for children to support parents in a way that does not compromise their own financial future. Suggestions include finding ways to leverage home equity while maintaining personal financial stability and considering all available resources.
It's crucial that you do not allow your parents' financial struggles to derail your own financial security. Finding a balance is key.
Baby Boomers today have far too little money saved for retirement, with average 401(K) balances reported at just $249,300.
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